Disappearing bump on Back of ankle?

My gelding came in from the pasture yesterday with a bump on the back of his left front ankle, a bit bigger than a pea. When I went to feel it to see what it was it went back in where ever it came from lol, but then came back out a few mins later and is still there today. No other swelling heat or lameness, anyone know what it could be? Seems a bit more firm today than yesterday but still goes away temporarily if you press on it and gradually comes back

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My gelding had something similar years back. Had the great lameness vet look at it and he called it a “cyst on the annular ligament”. Said don’t worry about it. To my knowledge it never got worse or bothered him but this horse had intermittent problems that kept him from being used regularly.
My horse also has very long pasterns and not great hoof angles. So check your horse’s hoof angles and keep his hooves properly trimmed on time.

I had an abscess start like that. You could try some hot compresses for 10-15min for a couple of days and see if anything changes.