diff --git a/.changeset/early-shoes-sit.md b/.changeset/early-shoes-sit.md
new file mode 100644
index 00000000000..189fe37e1fc
--- /dev/null
+++ b/.changeset/early-shoes-sit.md
@@ -0,0 +1,10 @@
+---
+"chainlink": patch
+---
+
+Fixed CPU usage issues caused by inefficiencies in HeadTracker.
+
+HeadTracker's support of finality tags caused a drastic increase in the number of tracked blocks on the Arbitrum chain (from 50 to 12,000), which has led to a 30% increase in CPU usage. 
+
+The fix improves the data structure for tracking blocks and makes lookup more efficient. BenchmarkHeadTracker_Backfill shows 40x time reduction.
+#bugfix
diff --git a/core/chains/evm/headtracker/head_tracker_test.go b/core/chains/evm/headtracker/head_tracker_test.go
index b8bdb1f5703..bf2b984b548 100644
--- a/core/chains/evm/headtracker/head_tracker_test.go
+++ b/core/chains/evm/headtracker/head_tracker_test.go
@@ -31,6 +31,7 @@ import (
 	"github.com/smartcontractkit/chainlink-common/pkg/utils/mailbox/mailboxtest"
 
 	htmocks "github.com/smartcontractkit/chainlink/v2/common/headtracker/mocks"
+	evmclient "github.com/smartcontractkit/chainlink/v2/core/chains/evm/client"
 	evmclimocks "github.com/smartcontractkit/chainlink/v2/core/chains/evm/client/mocks"
 	"github.com/smartcontractkit/chainlink/v2/core/chains/evm/headtracker"
 	httypes "github.com/smartcontractkit/chainlink/v2/core/chains/evm/headtracker/types"
@@ -983,7 +984,46 @@ func TestHeadTracker_Backfill(t *testing.T) {
 	})
 }
 
-func createHeadTracker(t *testing.T, ethClient *evmclimocks.Client, config headtracker.Config, htConfig headtracker.HeadTrackerConfig, orm headtracker.ORM) *headTrackerUniverse {
+// BenchmarkHeadTracker_Backfill - benchmarks HeadTracker's Backfill with focus on efficiency after initial
+// backfill on start up
+func BenchmarkHeadTracker_Backfill(b *testing.B) {
+	cfg := configtest.NewGeneralConfig(b, nil)
+
+	evmcfg := evmtest.NewChainScopedConfig(b, cfg)
+	db := pgtest.NewSqlxDB(b)
+	chainID := big.NewInt(evmclient.NullClientChainID)
+	orm := headtracker.NewORM(*chainID, db)
+	ethClient := evmclimocks.NewClient(b)
+	ethClient.On("ConfiguredChainID").Return(chainID)
+	ht := createHeadTracker(b, ethClient, evmcfg.EVM(), evmcfg.EVM().HeadTracker(), orm)
+	ctx := tests.Context(b)
+	makeHash := func(n int64) gethCommon.Hash {
+		return gethCommon.BigToHash(big.NewInt(n))
+	}
+	const finalityDepth = 12000 // observed value on Arbitrum
+	makeBlock := func(n int64) *evmtypes.Head {
+		return &evmtypes.Head{Number: n, Hash: makeHash(n), ParentHash: makeHash(n - 1)}
+	}
+	latest := makeBlock(finalityDepth)
+	finalized := makeBlock(1)
+	ethClient.On("HeadByHash", mock.Anything, mock.Anything).Return(func(_ context.Context, hash gethCommon.Hash) (*evmtypes.Head, error) {
+		number := hash.Big().Int64()
+		return makeBlock(number), nil
+	})
+	// run initial backfill to populate the database
+	err := ht.headTracker.Backfill(ctx, latest, finalized)
+	require.NoError(b, err)
+	b.ResetTimer()
+	// focus benchmark on processing of a new latest block
+	for i := 0; i < b.N; i++ {
+		latest = makeBlock(int64(finalityDepth + i))
+		finalized = makeBlock(int64(i + 1))
+		err := ht.headTracker.Backfill(ctx, latest, finalized)
+		require.NoError(b, err)
+	}
+}
+
+func createHeadTracker(t testing.TB, ethClient *evmclimocks.Client, config headtracker.Config, htConfig headtracker.HeadTrackerConfig, orm headtracker.ORM) *headTrackerUniverse {
 	lggr, ob := logger.TestObserved(t, zap.DebugLevel)
 	hb := headtracker.NewHeadBroadcaster(lggr)
 	hs := headtracker.NewHeadSaver(lggr, orm, config, htConfig)
diff --git a/core/chains/evm/headtracker/heads.go b/core/chains/evm/headtracker/heads.go
index 1edfb3e3788..a61e55dcd28 100644
--- a/core/chains/evm/headtracker/heads.go
+++ b/core/chains/evm/headtracker/heads.go
@@ -26,8 +26,9 @@ type Heads interface {
 }
 
 type heads struct {
-	heads []*evmtypes.Head
-	mu    sync.RWMutex
+	heads    []*evmtypes.Head
+	headsMap map[common.Hash]*evmtypes.Head
+	mu       sync.RWMutex
 }
 
 func NewHeads() Heads {
@@ -48,12 +49,11 @@ func (h *heads) HeadByHash(hash common.Hash) *evmtypes.Head {
 	h.mu.RLock()
 	defer h.mu.RUnlock()
 
-	for _, head := range h.heads {
-		if head.Hash == hash {
-			return head
-		}
+	if h.headsMap == nil {
+		return nil
 	}
-	return nil
+
+	return h.headsMap[hash]
 }
 
 func (h *heads) Count() int {
@@ -74,26 +74,23 @@ func (h *heads) MarkFinalized(finalized common.Hash, minBlockToKeep int64) bool
 	}
 
 	// deep copy to avoid race on head.Parent
-	h.heads = deepCopy(h.heads, minBlockToKeep)
+	h.heads, h.headsMap = deepCopy(h.heads, minBlockToKeep)
 
-	head := h.heads[0]
-	foundFinalized := false
-	for head != nil {
-		if head.Hash == finalized {
-			foundFinalized = true
-		}
-
-		// we might see finalized to move back in chain due to request to lagging RPC,
-		// we should not override the flag in such cases
-		head.IsFinalized = head.IsFinalized || foundFinalized
-		head = head.Parent
+	finalizedHead, ok := h.headsMap[finalized]
+	if !ok {
+		return false
+	}
+	for finalizedHead != nil {
+		finalizedHead.IsFinalized = true
+		finalizedHead = finalizedHead.Parent
 	}
 
-	return foundFinalized
+	return true
 }
 
-func deepCopy(oldHeads []*evmtypes.Head, minBlockToKeep int64) []*evmtypes.Head {
+func deepCopy(oldHeads []*evmtypes.Head, minBlockToKeep int64) ([]*evmtypes.Head, map[common.Hash]*evmtypes.Head) {
 	headsMap := make(map[common.Hash]*evmtypes.Head, len(oldHeads))
+	heads := make([]*evmtypes.Head, 0, len(headsMap))
 	for _, head := range oldHeads {
 		if head.Hash == head.ParentHash {
 			// shouldn't happen but it is untrusted input
@@ -111,18 +108,11 @@ func deepCopy(oldHeads []*evmtypes.Head, minBlockToKeep int64) []*evmtypes.Head
 		// prefer head that was already in heads as it might have been marked as finalized on previous run
 		if _, ok := headsMap[head.Hash]; !ok {
 			headsMap[head.Hash] = &headCopy
+			heads = append(heads, &headCopy)
 		}
 	}
 
-	heads := make([]*evmtypes.Head, 0, len(headsMap))
-	// unsorted unique heads
-	{
-		for _, head := range headsMap {
-			heads = append(heads, head)
-		}
-	}
-
-	// sort the heads
+	// sort the heads as original slice might be out of order
 	sort.SliceStable(heads, func(i, j int) bool {
 		// sorting from the highest number to lowest
 		return heads[i].Number > heads[j].Number
@@ -137,7 +127,7 @@ func deepCopy(oldHeads []*evmtypes.Head, minBlockToKeep int64) []*evmtypes.Head
 		}
 	}
 
-	return heads
+	return heads, headsMap
 }
 
 func (h *heads) AddHeads(newHeads ...*evmtypes.Head) {
@@ -145,5 +135,5 @@ func (h *heads) AddHeads(newHeads ...*evmtypes.Head) {
 	defer h.mu.Unlock()
 
 	// deep copy to avoid race on head.Parent
-	h.heads = deepCopy(append(h.heads, newHeads...), 0)
+	h.heads, h.headsMap = deepCopy(append(h.heads, newHeads...), 0)
 }