Summary: Loki is a shapeshifting genderqueer trickster. These things happen.
Notes: Inspired by a couple of comment threads on my LJ, about Loki's queerness and relationship to the entire concept of gender. Also by Lokasenna, in which Loki insults the other gods, and their standard comeback is basically, "Well, at least I'm not a womanish god who's borne children!" This is just a short drabble and only scratches the surface of the concept, but I may expand on it someday.
both/and
"We'd have gotten further," says Loki, his mouth twisting, "if Thor hadn't decided to conduct our business with his hammer."
Thor snorts into his mead. "Fine talk," he says, only a little slurred, "for someone who's nowhere to be found when there's rumor of fighting." A hand slaps Loki heavily on the back, sloshing him with drink. Hardly Thor's full strength; it will leave a bruise. Loki offers a grin, sharp and lightning-fast.
"Loki was ever a womanish god," laughs Njord, drinking horn extended. The other gods chortle around him.
Loki says nothing, but her eyes are sword-edged and hard.