Cola

Not to be confused with Colagender

Cola is a reclaimed Spanish slur typically used against feminine non-heterosexual men and transfeminine people in Chile and Argentina specifically. It's also used against straight men, but only under the presumption that they happen to be queer.

History
The word cola appears to become popular in the 50s as a code word for homosexuals and trans women used by the police. It derives from the inversion of the word "loca" meaning "crazy woman". [1 ]

Reclamation
In the modern day the word has been reclaimed by Hispanics who wish to remove power from it and proudly identify as colas. However, this word is of exclusive use among non-hetero men, transfeminine people and possibly amab non-binary people as well.