Hellbent
It may not be the first ever gay slasher to some (many cite Cruising (1980) as the first), but it’s definitely the first to treat its gay characters and gay culture with respect and positivity. You can tell the film loves its characters cos they’re so fun and likeable! The slasher aspects are well-executed too, especially the entire third act, which features a great chase. The carnival setting is well utilised and the soundtrack is really fun. The film may not be respected a lot (and sometimes it feels like it doesn’t want to be respected), but it’s a stone cold masterpiece to me.