The monkey fist knot or monkey paw is a type of knot, so named because it looks somewhat like a small bunched fist. It is tied at the end of a rope to serve as a weight, making it easier to throw, and also as an ornamental knot. It was also used in the past as an anchor in rock climbing, by stuffing it into a crack.
I've started using this knot to make key chains and zipper pulls. My key chains are lightweight because I use a hand felted wool ball as the center. When researching on how to tie the monkey fist knot, some tutorials recommended a metal ball for use as the center but I prefer the felted ball. The felted ball is lightweight and so will not add a lot of extra weight to your pocket, belt, purse or backpack.
Rainbow Monkey Fist Knot Key Chain
Rainbow an Neon Yellow Monkey Fist Knot Zipper Pulls