Green’s Dictionary of Slang

1. the vagina.

1966		Trimble 5000 Adult Sex Words and Phrases.
1982		Maledicta VI:1+2 (Summer/Winter) 131: Vagina […] fuckhole, futy.

2. (US gay) the passive partner in homosexual intercourse.

1972

B. Rodgers Queens’ Vernacular 146: passive partner [...] fudy [futy] (dated).