Heres a quick and cheap way to make hobbles. All you need is about 6 feet of cotton rope or soft nylon rope.

Wrap around the leg twice and even up your ends.

Start twisting the rope.

Butt the twists up to the other leg.

Wrap twice and finish with a square not.

Rope stores easy on your saddle. I like rope because it has many more uses than just as hobbles. Probably not the best for heavy grazing, but great for quick stops for lunch or adjusting packs etc.