Add about 2 inches of vegetable oil into a deep skillet or pot. Heat to 350 to 360°F.
In a large bowl, whisk together the large eggs, whole milk, water, and vanilla extract.
In another bowl, mix the all-purpose flour, sugar, baking powder, and Kosher salt.
Gradually add the dry ingredients to the wet ingredients and stir until the batter is smooth.
Carefully transfer the batter into a large funnel, piping bag, squeeze bottle, or measuring cup with a spout.
Over the hot oil, drizzle the batter in a swirling pattern to form a lacy round cake. Fry for 1 to 2 minutes until golden brown.
Use tongs to carefully flip the cake over and fry for another minute or two.
Transfer the cake to a plate lined with paper towels to absorb excess oil.
Repeat with the remaining batter.
Dust the funnel cakes generously with powdered sugar and serve immediately.
