Haematoma

As others have said, it's a bruise - but some can be huge and so filled with old dead blood that they hang downwards like a water filled balloon. Gentle massage can help - it's only the gradual re-absorption of the old blood cells that will get rid of it so the best thing for a small to medium one is massage, movement and time. For big bloated ones, I think the vet can lance it to speed things up if it's eg in an awkward place.
 
It depends on how bad it is. Cold hosing and ice is good. I've just had a massive one on my leg, and was told to buy a cream called Hirudoid over the counter, which was WAY better than arnica. I would expect it could be used on equines, but perhaps check. As BoxofFrogs said, it can clog up with old dry blood sometimes - it goes like chewing gum basically inside. My physio said this needs to be gently massaged to break it down - but obviously not too hard, and not while the bruise is brand new...
 
I hot compress them.. followed by cold hosing. It works quite well. If its a big haematoma (like someone said above if its like a balloon) it may need draining.. but other than that.. i'm just repeating what's already been said.. its just a bruise!
 
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