Preheat oil in deep fryer or dutch oven to 365 degrees F.
In large mixing bowl, combine eggs, milk, water, melted butter and vanilla extract
Mix in flour, salt, sugar and baking powder. Beat together on medium speed until smooth. Pour batter into batter dispenser.
Dispense about 1/2 - 2/3 cup of batter in circles into hot oil. Cook 1-2 minutes until golden brown on one side then gently turn over and cook another 45 seconds or so until browned on the other side.
Remove funnel cake to a paper towel-covered plate to drink.
Top with powdered sugar, chocolate sauce, caramel sauce or the toppings of your choice.