Abstract: Arcus will be proposed to the NASA Explorer program as a free-flying satellite mission that will enable high-resolution soft X-ray spectroscopy (8-50 Angstroms) with unprecedented sensitivity-effective areas of greater than 500 sq cm and spectral resolution greater than 2500. The Arcus key science goals are (1) to determine how baryons cycle in and out of galaxies by measuring the effects of structure formation imprinted upon the hot gas that is predicted to lie in extended halos around galax…