Beat eggs, hot pepper sauce, salt, and pepper together in a bowl. Mix together the panko and tarragon in a second bowl. Place the flour in a third bowl. Dip a razor clam into the egg, then into the flour, then back into the egg, then press the clam into the panko. Gently toss between your hands so any breading that hasn't stuck can fall away. Place the breaded clams onto a plate while breading the rest; do not stack.

Heat butter in a skillet over medium-high heat. Fry clams until lightly browned, about 1 minute on each side. Do not overcook or they will become tough. Serve immediately.