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Ganglion Cyst Quick Overview. A ganglion cyst is a tumor or swelling (benign, not cancerous) usually on top of a joint or the covering of a tendon (tissue that connects muscle to bone). It looks like a sac of liquid (cyst) located just under the skin. Inside the cyst is a thick, sticky, clear, colorless, jellylike material.
1 Ganglion cysts most commonly develop along the tendons or joints of your wrists or hands. The next most common locations are the ankles and feet. These cysts can occur near other joints as well.  Shape and size. Ganglion cysts are round or oval and usually measure less than an inch (2.5 centimeters) in diameter.