Fill instant pot with oil until 2 inches deep. Set to sauté and using a candy thermometer, bring temperature to 350. May take 20-30 minutes.
In a mixing bowl, whisk together the eggs, milk, vanilla and water.
Whisk in sugar, salt and baking powder
Mix in flour until batter forms
Once oil comes to temperature, pour batter into a gallon size zip lock bag and cut a small corner off. A piping bag can be used.
Squeeze batter into the oil piping in random directions and layered over itself. Leave room for batter to expand. Cook for 5 minutes on one side, flip and cook for another 5 minutes
Remove and place on paper towel to cool and dry.
Notes
Bottle: For best control use a little squeeze bottle to make your pattern.
Cooling Tip: Use a cooling rack, it helps them cool faster, do not apply powdered sugar until the cake has cooled or it will melt in.
Oil: Use a neutral oil with no taste, like vegetable or canola oil.
Dairy Free: Feel free to add your favorite milk alternative, nut etc.
Food Coloring: Try to brighten you cakes up with a little food coloring for fun.
Cocoa: A chocolate version with cocoa powder is great too.
Ice Cream: Top your cake with ice cream and hot fudge, then for fun add another funnel cake and whipped cream.