Turn Instant Pot on to Sauté.
Once it indicates that it's "hot" add coconut oil.
Add diced onion and cook stirring for 3 minutes, or until translucent.
Add garlic, garlic, ginger, and red curry paste, and cook for 1 minute until fragrant.
Turn off the Instant Pot, and stir in coconut milk, fish sauce, and turmeric powder.
Add the meatballs into the sauce.
Close the lid and make sure the pressure valve is set to sealing.
Cook on MANUAL high for 5 minutes.
Once it beeps to a finish, naturally release pressure for 10 minutes before opening the pressure valve manually.
Open the lid and turn Instant Pot on to Sauté.
Simmer for 5-10 minutes until the sauce reduces and thickens.
Sprinkle with lime juice and chopped basil before serving.