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Pour oil about one inch deep into a large saucepan or stockpot. Heat over medium heat until a candy thermometer reads 350 to 360 degrees F.
2Meanwhile, combine Bisquick, milk and eggs in a large bowl; stir until well mixed. Pour batter into squeeze dispenser bottles.
3When oil is fully heated, carefully squeeze batter in a circular motion, close to the oil, until a mini funnel cake forms (don't make more than 2 cakes at a time). Fry 30 seconds on each side until golden brown, then transfer with a slotted spoon to a paper towel-lined baking sheet to drain.
4Repeat with remaining batter, making sure oil temperature stays within 350 to 360 degrees F.
5Sprinkle warm funnel cakes with powdered sugar.
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