The Spaniard insists the club do not want miss out on the opportunity to win some silverware if they can overcome the Swans in the replay, with Brighton waiting in the next round
The north London outfit will have to replay their FA Cup third round tie with Swansea after Danny Graham's last minute equaliser salvaged a 2-2 draw for Michael Laudrup's men at the Liberty Stadium on Sunday.
However with Brighton & Hove Albion awaiting in the fourth round, the former Everton playmaker insists the team can go far if they can make their domination count.
"It's a great chance to win a trophy," Arteta told the club's official website. "We don’t want to miss it.
"We improved a lot in the second half [against Swansea]. We had many chances to finish the game earlier, but then suddenly with one mistake they scored the first goal.
"We kept going and showed a lot of character to get back into the game, score and go ahead. But then we conceded a sloppy one again.
"I think we were the better team. We dominated possession better than them and created more chances. We deserved to win the game and that’s why we’re disappointed.
"We’re on a good run. We’re disappointed with the draws in the last two games as we could have won both of them but I thought in the second half we played very good football."