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