I would disagree that your kitten is being aggressive, he is still quite young, and he is being a kitten. You are a playtoy to him until you prove him otherwise. He will lunge at you because he is learning and growing. You are his mama, and if he were with momcat, he would be doing the same thing. It is how they learn to defend, to hunt, and yes to attack. Neutering him if he isn't already neutered will help. Giving him interactive playtime with toys, instead of your arm, legs, or feet will also help.
A good way to burn off this energy is to get a big cardboard box and make some openings in the sides of the box, big enough that he can easily get through them, but not on the ground level. Cut the flaps off one of the sides of the box and toss some ping pong balls inside. Kittens love this, they can go over the top of the box to play, bat the balls around without you having to retrieve them under a heater or fridge, and they can leap through the holes if they wish.
Another good play toy is Da Bird- or a laser toy. I personally just use a small flashlight with the lights off at night, and give my cats a good chase. That way I don't have to worry about getting the light in their eyes accidentally and blinding them.
You might also consider getting a second kitten about the same age, so your kitty can have a worthy opponent and friend.
When he latches on to your arm, give him a gutteral hiss, just like a mom cat would do. I even growl at my young ones, letting them know this is unacceptable behavior. Avoid the very tempting game of fingers and toes under the blankets. Kittens are not dumb, they know what those objects moving are attached to.
Do interactive play with him at least 15 mintues twice a day. Put up the toys inbetween those times, make this a special bonding moment, and because he is attacking, lunging and killing the toy, be sure to end the session with a treat (the reward of the kill)