An improved arrow and sliding stabilizer therefor are provided. The sliding stabilizer is used for stabilizing arrow flight, instead of fixed or glued tail feathers, vanes or other fletching. The invention improves current projectile technology with reduced assembly labor cost, the elimination of bow clearance issues, improved accuracy with the consistent production of the sliding stabilizer, easy replacement of the stabilizer in the field, and improved arrow storage. A sliding stabilizer is designed to slide along the shaft of an arrow and comprises an annular wing and a plurality of fins. In use, the stabilizer is positioned at the front of the arrow prior to launch, and the arrow slides quickly through the stabilizer until secured at a stop position at or near the trailing end of the arrow.