Prepare the pot and pan. Pour 1 1/2 cups water into the Instant Pot and place the trivet inside. Coat a 6- or 7-inch round cake pan with cooking spray.
Make the batter. Prepare the cake batter using the eggs, oil, water and other ingredients called for on the package. Fold in up to 1 cup of optional mix-ins.
Divide the batter. Divide the batter evenly between two same-size bowls. Pour one bowl of batter into the prepared cake pan and cover the pan tightly with aluminum foil.
Pressure cook the first layer. Use the trivet handles to lower the covered pan into the Instant Pot. Secure the lid and set the steam release valve to the sealing position. Cook on high pressure for 35 minutes. The Instant Pot will take approximately 6 minutes to build pressure before the cooking time begins.
Release the pressure. When the cooking time is complete, allow the pressure to release naturally for 10 minutes. Carefully turn the valve to the venting position to release the remaining pressure. Wait for the float valve to drop before opening the lid.
Check and cool the cake. Carefully remove the pan and foil. Insert a toothpick into the center of the cake. It should come out clean or with a few moist crumbs attached. Let the cake cool in the pan for 5 minutes, then carefully invert it onto a wire rack to cool completely.
Cook the second layer. Coat the cake pan with cooking spray again and add the remaining batter. Cover tightly with foil and repeat the cooking and pressure-release process, reusing the water already in the inner pot. There is no need to replace or add more water.
Level the layers. Once both layers are completely cool, use a serrated knife to trim off the rounded tops so the layers sit flat.
Assemble the cake. Place one cake layer on a serving plate and spread frosting over the top. Add the second layer, then frost the top and sides of the cake. Slice and serve, or cover and store according to the type of frosting used.