I like to play this exercise as a warm-up for almost every practice session.
Basically, it goes through arpeggiated diminished, minor and major triads by raising one scale degree at a time. If you can really think about the individual triads as you play, it can help you memorize all of these different chords. This is useful for many reasons, including understanding music theory, thinking about composition, and of course, improvisation.
If you play this exercise slurred, it’s great for navigating hard intervals, especially on the top octave. I would start by playing it very slow and really engaging with each triad that you are playing - name it and listen to it’s sound. Once you’ve done this for awhile and the memorization of triads is starting to stick, speed it up for an extra challenge! It’s a lot of fun, and sounds pretty cool once you’ve got the hang of it!
Download this exercise as a PDF: triad_exercise.pdf