Pull your brisket from your refrigerator 30 minutes prior to cooking, and pat it dry with paper towels.
While your meat is resting, combine the spices (sugar, salt, pepper, mustard, onion, and paprika) in a small bowl and mix into a rub. Rub all sides (and top and bottom) of your brisket with your spice mix.
Turn your Instant Pot on, and push the sauté button. While it heats up, add your fat and allow it to melt. Add your brisket and allow it to brown on all sides. You want it brown, not burnt, so turn frequently, remembering that the sides of your pot are HOT. I suggest tongs for this.
Once it's sufficiently browned, turn your brisket fatty side up, and add the remaining ingredients. Push the "off" button and turn on the manual setting. Increase the cook time to 60 minutes, and turn the steam release to seal.
Allow your Pot to naturally let off the steam (about 15 minutes), and then remove your roast and cover with foil. If you'd like a sauce with your brisket, simply turn the Pot back to sauté and reduce the liquid by half.
Slice your brisket against the grain and serve with your favorite side.