As you know I do not care about derogatory terms. I could not care less what words other people use. Words themselves are meaningless, it is the context in which they are used that makes them good or bad. What is derogatory is simply a social consensus. Fag can be derogatory today but not derogatory a few hundred years ago. But the idea of "homosexuals are sub-human and need to be killed" has always been universally a bad thing to say, despite that in the past others did not acknowledge it. So the only thing that I care about are the ideas and the context in which words are used. Focusing on words themselves is the wrong way to go, since it ultimately comes down to social consensus to what is okay to say and what not. For these reasons I could not care less for derogatory words.
However, for the people who for foolish reasons care about such words a common question to ask is whether the Jewish word "goy" is a derogatory term to refer to non-Jews. A lot of gentiles think that when a Jewish person says "goy" he is referring to non-Jews in an offensive manner.
Why do they think that? Perhaps because most derogatory words are short words. It just sounds like a derogatory term. But there is nothing within this word that is derogatory. All what "goy" means "nation". Not the Jewish nation, but the rest of the nations of the world.
Consider for example Pslam 126. It is sung on Shabbos and is generally simply referred to as Shir HaMalos. One of the words is "goyim", that is just a plural of "goy". In verse all what the word means is simply "nation". There is nothing derogatory about that.
Even though the word "goy" is not derogatory many Juden have a superiority feeling. They are the great ones of the world and the rest of the non-Jews are inferior to them. When they say "goy" they do mean it in a negative way. For them a non-Jew is a sub-human. Their lives are below the lives of a Jew. So when these kind of Juden say "goy" they do mean it in a negative way, since for them non-Jew is a negative thing. But the word itself has had nothing derogatory about it at all.
If you happen to be non-Jewish and are once called a "goy" do not be offended. Because he is calling to the fact that you are non-Jewish. Which is in fact a good thing, since you are not brainwashed into their religion.