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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 are lumps that form next to the joints or tendons in the hand and wrist. 2  The most common locations are the joints at the base of the fingers (metacarpophalangeal joint or MCP), joints closest to the nail (distal phalangeal joint or DP), the top of the wrist and the palm side of the wrist.