Whisk together the eggs and milk in a large bowl. Set aside.
Stir together the flour, sugar, baking powder and salt in a medium bowl.
Add the dry ingredients to the egg-milk mixture and whisk until smooth.
Line a plate with paper towels. Pour about 3 inches of oil into a large dutch oven or heavy duty pot.
Heat the oil over medium-high heat until the temperature reaches 375˚F.
Using either a funnel or a measuring cup with a spout, pour the batter in a steady stream into the oil, starting from the center in a swirling motion to create a 6-7 inch round funnel cake.
Fry the funnel cake for 2-3 minutes, until golden brown. Flip and fry on the opposite side until golden and crispy.
Transfer to the lined plate and sprinkle with powdered sugar, if desired.