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It is either a penis that was made into a vagina, or a vagina that was made into a penis. Either way it describes the genitalia of a transgender person.
Hey Caitlyn! how’s your new peginis treating you?
Peginis by BobtheLob 35 January 15, 2023
Related Words
A mixture between a penis and a vagina
Hey Peter, do you want to see my Peginis?
Peginis by Cinnabonlord September 2, 2022

peminist 

An offensive word for “feminist”. Usually used by the society to make fun of misandrist stupid feminists.
Amber Heard is a peminist.
peminist by Peminist May 12, 2022
A term used to describe a hybrid between the penis and the vagina.

Can be used to refer to birth defects that result from inter-familial childbirth.
Tom and his cousin Shelley had sex. The baby had a paginis.

I was having intercourse with Johnny, but we had to stop. I didn't know what to do with his paginis.
Paginis by Clever&Witty June 16, 2011
when you fry your penis/dick into a panini press and then feed it to a partner.
I fed my hoe a fat peninis last night, and that bitch loved it.
peninis by Fornicate Bunions February 8, 2017
It may be small, but at least he knows how to use his petinis.
petinis by Miss Satan November 20, 2011