diff --git a/mev_inspect/schemas/strategies.py b/mev_inspect/schemas/strategies.py
deleted file mode 100644
index f94dda2..0000000
--- a/mev_inspect/schemas/strategies.py
+++ /dev/null
@@ -1,5 +0,0 @@
-from pydantic import BaseModel
-
-
-class Arbitrage(BaseModel):
-    pass
diff --git a/mev_inspect/strategies/arbitrage.py b/mev_inspect/strategies/arbitrage.py
index 49eeae0..605e3d3 100644
--- a/mev_inspect/strategies/arbitrage.py
+++ b/mev_inspect/strategies/arbitrage.py
@@ -7,7 +7,6 @@ from mev_inspect.schemas.classified_traces import (
     Classification,
     Protocol,
 )
-from mev_inspect.schemas.strategies import Arbitrage
 
 
 UNISWAP_V2_PAIR_ABI_NAME = "UniswapV2Pair"
@@ -26,6 +25,7 @@ class Transfer(BaseModel):
 class Swap(BaseModel):
     abi_name: str
     transaction_hash: str
+    trace_address: List[int]
     protocol: Optional[Protocol]
     pool_address: str
     from_address: str
@@ -36,6 +36,15 @@ class Swap(BaseModel):
     token_out_amount: int
 
 
+class Arbitrage(BaseModel):
+    swaps: List[Swap]
+    account_address: str
+    profit_token_address: str
+    start_amount: int
+    end_amount: int
+    profit_amount: int
+
+
 def get_arbitrages(traces: List[ClassifiedTrace]) -> List[Arbitrage]:
     all_arbitrages = []
     traces_by_transaction = _group_traces_by_transaction(traces)
@@ -65,10 +74,82 @@ def _get_arbitrages_for_transaction(
     traces: List[ClassifiedTrace],
 ) -> List[Arbitrage]:
     swaps = _get_swaps(traces)
-    print(f"Found {len(swaps)} swaps")
+
+    if len(swaps) > 1:
+        return _get_arbitrages_from_swaps(swaps)
+
     return []
 
 
+def _get_arbitrages_from_swaps(swaps: List[Swap]) -> List[Arbitrage]:
+    pool_addresses = {swap.pool_address for swap in swaps}
+
+    all_arbitrages = []
+
+    for index, first_swap in enumerate(swaps):
+        other_swaps = swaps[:index] + swaps[index + 1 :]
+
+        if first_swap.from_address not in pool_addresses:
+            arbitrage = _get_arbitrage_starting_with_swap(first_swap, other_swaps)
+
+            if arbitrage is not None:
+                all_arbitrages.append(arbitrage)
+
+    return all_arbitrages
+
+
+def _get_arbitrage_starting_with_swap(
+    start_swap: Swap,
+    other_swaps: List[Swap],
+) -> Optional[Arbitrage]:
+    swap_path = [start_swap]
+
+    current_address = start_swap.to_address
+    current_token = start_swap.token_out_address
+
+    while True:
+        swaps_from_current_address = []
+
+        for swap in other_swaps:
+            if (
+                swap.pool_address == current_address
+                and swap.token_in_address == current_token
+            ):
+                swaps_from_current_address.append(swap)
+
+        if len(swaps_from_current_address) == 0:
+            return None
+
+        if len(swaps_from_current_address) > 1:
+            raise RuntimeError("todo")
+
+        latest_swap = swaps_from_current_address[0]
+        swap_path.append(latest_swap)
+
+        current_address = latest_swap.to_address
+        current_token = latest_swap.token_out_address
+
+        if (
+            current_address == start_swap.from_address
+            and current_token == start_swap.token_in_address
+        ):
+
+            start_amount = start_swap.token_in_amount
+            end_amount = latest_swap.token_out_amount
+            profit_amount = end_amount - start_amount
+
+            return Arbitrage(
+                swaps=swap_path,
+                account_address=start_swap.from_address,
+                profit_token_address=start_swap.token_in_address,
+                start_amount=start_amount,
+                end_amount=end_amount,
+                profit_amount=profit_amount,
+            )
+
+    return None
+
+
 def _get_swaps(traces: List[ClassifiedTrace]) -> List[Swap]:
     ordered_traces = list(sorted(traces, key=lambda t: t.trace_address))
 
@@ -81,7 +162,11 @@ def _get_swaps(traces: List[ClassifiedTrace]) -> List[Swap]:
 
         elif trace.classification == Classification.swap:
             child_transfers = _get_child_transfers(trace.trace_address, traces)
-            swap = _build_swap(trace, prior_transfers, child_transfers)
+            swap = _build_swap(
+                trace,
+                _remove_inner_transfers(prior_transfers),
+                _remove_inner_transfers(child_transfers),
+            )
 
             if swap is not None:
                 swaps.append(swap)
@@ -130,6 +215,7 @@ def _parse_uniswap_v3_swap(
     return Swap(
         abi_name=UNISWAP_V3_POOL_ABI_NAME,
         transaction_hash=trace.transaction_hash,
+        trace_address=trace.trace_address,
         pool_address=pool_address,
         from_address=transfer_in.from_address,
         to_address=transfer_out.to_address,
@@ -170,6 +256,7 @@ def _parse_uniswap_v2_swap(
     return Swap(
         abi_name=UNISWAP_V2_PAIR_ABI_NAME,
         transaction_hash=trace.transaction_hash,
+        trace_address=trace.trace_address,
         pool_address=pool_address,
         from_address=transfer_in.from_address,
         to_address=transfer_out.to_address,