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Fish only have one hole on their underbelly similarly to how birds only have one hole the penis (in males or hermaphodites) is typically in a very small pocket inside that hole on the top of said hole. The only truly odd thing to me is it’s placement it would in most cases like baluga whales which have “legs” and knees similar to humans or mermaids the hole would be closer to the base of the tail rather than at the hips.
For a better understanding of the “legs” and knees I was talking about look up baluga whale knees underwater.

they so cute, lowkey got confused on his hole being in the front tho