Combine the water, butter and salt in a saucepan and heat until the butter melts and the water boils rapidly. Add the baking soda and flour all at once, and stir vigorously until well blended and the mixture comes away from the sides of the pan.
Remove from heat and let cool. When the mixture has cooled completely, add the eggs one at a time, and kneading and lifting the dough to incorporate air and lighten it, until the mixture is smooth. Heat oil in a large frying pan until hot. Spoon out almond-sized pieces of dough and carefully push them off the spoon with your fingers into the hot oil.
Fry several a time, but do not crowd the pot; the puffs need room to turn as they swell. Cook, turning with a skimmer or tongs, until golden brown on all sides, about 3 minutes. The puffs will triple in size. Remove and drain on paper towels. Fry the remaining puffs in batches, letting the oil get hot again before starting each new batch.
When cool enough to handle, dip in honey and garnish with a candied orange peel.