Preheat the oven to 350℉ and line 2 muffin tins with paper liners.
Place the cake mix, cola, vegetable oil, and eggs in a large bowl. Using an electric mixer, mix on low speed until the batter is smooth.
Add the maraschino cherry liquid and cherry pie filling. Mix again on low speed until combined.
Divide the batter among the muffin tins and bake the cupcakes for 18 to 22 minutes. A toothpick inserted in the center should come out clean.
Cool in the tins for 10 minutes. Remove from the tins and cool completely on a wire rack, approximately 1 hour.
Transfer the frosting to a piping bag fitted with a Wilton 1A piping tip and swirl it onto the cooled cupcakes. Decorate with a maraschino cherry and serve.