Pour 1-1/4 cups into the inner liner pot of the Instant Pot or pressure cooker.
Add the hot dogs into the water in the inner liner of the Instant Pot or place into a steamer basket that fits inside the inner liner pot of the Instant Pot.
Press MANUAL or PRESSURE COOK (depending on model) and select ZERO "0" minutes. Place the lid on top and move the pressure release valve to the SEALING position. NOTE: It will take several minutes for the Instant Pot to come up to pressure. The hot dogs cook during this time.
After the Instant Pot comes to pressure, and beeps to indicate it is finished pressure cooking, do a QUICK RELEASE by moving the pressure release valve to the VENTING position to release the pressure fully. Then remove the lid and the hot dogs and serve.