Well, an arc is a piece of a circle. The general formulas for a circle are
x = r * cos(a) + cx
y = r * sin(a) + cy
Where r is the radius of the circle, a is the angle along the circle (in radians), and cx and cy are the coordinates of the center of the circle.
So each frame you would increment the angle (a) and recalculate the position with those formulas.
The trick will be determining the appropriate radius and center points. You could probably figure out an algorithm that would find a center point based on a fixed radius.
Edit: To get the same velocity at different radii.
To get velocity (pixels/sec) from angular velocity (rad/sec)
v = Δa * r
So if we pick some v, then Δa = v / r where v is some constant and r is the radius of the circle.