Turn on the sauté setting and add in the coconut oil. When the oil heats up, place the chicken in breast-down and brown. I move mine around a few times to brown the sides as well.
When the chicken is nice and brown, turn it over and place it on the trivet/rack that comes with your pot. Add 1/2 cup water to the bottom of the pot and sprinkle the chicken with seasoning.
Lock the lid into place and set the valve to “sealing.” Select “Poultry” and then increase the type of pressure from normal to high. (If you have the 7-in-1, you can do that by pressing the “Adjust” button.) If your chicken is four pounds you'll want to set the time for 24 minutes. If it's smaller or larger, calculate how much time it should cook by multiplying the number of pounds by 6 minutes. So, a 3 pound chicken would be 18 minutes and a five pound chicken would be 30.
Allow the Instant Pot to depressurize naturally and then serve.