The word "tranny" is a controversial term that has gained a lot more attention recently. GLAAD has listed it as a slur since 2009.
It's a pejorative that usually contextually infers that trans feminine individuals are not real women, or to render their feminity as "fake" or dismiss it as entirely performative. It has been on rare occasions used as a general slur for transgender individuals (including trans masculine persons) but that is not the primary meaning.
This is emphasized by the way the term is used against cisgender women in a way intended to rob them of their femininity, either for not having a coventially attractive face or body, or for displaying unfeminine traits.
It has been argued that the term has been used within the trans feminine community as a term of endearment and/or reclaimed slur. This still does not excuse cisgender and trans masculine individuals using it, especially since it is always used by them to mock.
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