Hispandex is a slur used to describe Hispanics in a derogatory way. Don't know if Hispanics are known for wearing Spandex, but it sounds funny anyway.
The word Hispandex is a racial slur that has been used historically to degrade and dehumanize hispanics. The word is still used by some people for this purpose, and it is seen as offensive and hurtful to hispanics. If you are unsure about whether or not it is appropriate to use the word Hispandex, it is best to err on the side of caution and avoid using it in any situation.