faerie vs fairy

faerie and fairy both are nouns.

Word	Noun	Adjective	Verb	Adverb
faerie	Yes	No	No	No
fairy	Yes	No	No	No

As nouns, faerie and fairy are synonyms defined as:

faerie and fairy: a small being, human in form, playful and having magical powers

Other synonyms of faerie include faery, fay, sprite.

faerie (noun)	fairy (noun)
the enchanted realm of fairies	a small being, human in form, playful and having magical powers
a small being, human in form, playful and having magical powers	offensive term for a homosexual man