Pour oil about one inch deep into a large saucepan. Heat over medium heat until a candy thermometer reads 350°F to 360°F.
Meanwhile, combine pancake mix, milk and eggs in a large bowl; stir until well mixed with as few lumps as possible. Pour the batter into a squeeze bottle, or a ziplock bag, seal it, and cut the corner of the bag.
When oil is fully heated, carefully squeeze batter in a circular motion, close to the oil, until a funnel cake forms. Fry 30 seconds on each side until golden brown, then transfer with a slotted spoon to a paper towel-lined baking sheet to drain.
Repeat with remaining batter, making sure oil temperature stays within 350°F to 360°F.
Let the cakes drain and cool slightly on a paper towel-lined baking sheet or plate. When all the cakes are fried and slightly cooled, sprinkle the tops with powdered sugar, fruit, or your favorite topping.