Watch the Arpeggios & Leading Tones online guitar lesson by John Goldsby from Upright Bass Handbook

Another way to walk a bassline is by using arpeggios on beats 1, 2 and 3; and then place a leading tone on beat 4. Remember that all of the notes in any bassline can be analyzed as either being a (1) chord tone, (2) scale tone, or (3) chromatic passing tone or leading tone. Let's look at the arpeggios found in this etude. We'll concentrate on the triad (or 3-note) arpeggios for now: Bb, Eb, G, C minor, and F. Once we have the arpeggios under our fingers in various inversions, then we can add a leading tone on beat 4 to bring us to the root of the next chord. Here are the notes in the various arpeggios found in this bassline, in the order:
Chord | Root, 3rd, 5th

Bb | Bb, D, F
Eb | Eb, G, Bb
F | F, A, C
Cmin | C, Eb, G
G | G, B, D

There are also the notes of the various 7th chords that you can use to great advantage when walking basslines (in the order):
Chord | Root, 3rd, 5th, 7th

Bb7 | Bb, D, F, Ab
Eb7 | Eb, G, Bb, Db
F7 | F, A, C, Eb
Cmin7 | C, Eb, G, Bb
G7 | G, B, D, F