A diminished arpeggio or chord consists of two consecutive minor third intervals , it would look like this :
e-----1-
b---3---
g-4-----
It could be extended infinitely , if you used any harmonic minor mode (like everything by Malmsteen) ... By doing this , you can add the e-4- note , which is a G# in this Bdim arpeggio , and you could extend your arpeggio to infinity (as far as your guitar neck can go).