1.Make lime mayonnaise. Combine ingredients in a small bowl. Cover, refrigerate until ready to serve.
2.Combine spices, salt and onion powder in a large bowl; reserve one-third of spice mixture. Add flours to remaining mixture; stir to combine.
3.Cut each squid hood in half lengthways. Score inside in a criss-cross pattern with a sharp knife, then cut into 1.5cm wide strips.
4.Fill a large wok one-third full with oil; heat to 180°C (or until a cube of bread turns golden in 10 seconds). Toss squid and tentacles in flour spice mix; shake away excess. Fry squid, in batches, for 2 minutes or until golden and just tender; drain on paper towel. Transfer to a large bowl.
5.Fry onion and chilli for 2 minutes or until golden. Using a slotted spoon, remove from oil, add to bowl with squid; toss well to combine.
6.Divide squid into ¼-cup serving cones. Sprinkle with reserved spice mix to serve; accompany with lime mayonnaise and lime wedges.
To clean squid, gently pull head and tentacles with internal sac away from body. Remove clear cartilage (quill) from inside body. Cut tentacles from head just below the eyes; discard head. Remove and discard side fins and skin from body with salted fingers. Wash the body and tentacles thoroughly; pat dry. Japanese mayonnaise, from Asian grocers and selected supermarkets, is made with rice vinegar and has a slightly different taste from regular mayonnaise, which may be substituted.