diff --git a/compiler/src/main/scala/aqua/compiler/AquaCompiler.scala b/compiler/src/main/scala/aqua/compiler/AquaCompiler.scala
index 34ac6703..5be419d6 100644
--- a/compiler/src/main/scala/aqua/compiler/AquaCompiler.scala
+++ b/compiler/src/main/scala/aqua/compiler/AquaCompiler.scala
@@ -11,7 +11,7 @@ import aqua.res.AquaRes
 import aqua.semantics.{CompilerState, Semantics}
 import aqua.semantics.header.{HeaderHandler, HeaderSem, Picker}
 import cats.data.*
-import cats.data.Validated.{Invalid, Valid, validNec}
+import cats.data.Validated.{validNec, Invalid, Valid}
 import cats.parse.Parser0
 import cats.syntax.applicative.*
 import cats.syntax.flatMap.*
@@ -19,7 +19,7 @@ import cats.syntax.functor.*
 import cats.syntax.monoid.*
 import cats.syntax.traverse.*
 import cats.syntax.semigroup.*
-import cats.{Comonad, Functor, Monad, Monoid, Order, ~>}
+import cats.{~>, Comonad, Functor, Monad, Monoid, Order}
 import scribe.Logging
 
 class AquaCompiler[F[_]: Monad, E, I: Order, S[_]: Comonad, C: Monoid: Picker](
@@ -39,7 +39,7 @@ class AquaCompiler[F[_]: Monad, E, I: Order, S[_]: Comonad, C: Monoid: Picker](
       Err,
       ValidatedCtxT
     ],
-    cycleError: List[AquaModule[I, Err, ValidatedCtxT]] => Err
+    cycleError: Linker.DepCycle[AquaModule[I, Err, ValidatedCtxT]] => Err
   ): ValidatedNec[Err, Map[I, ValidatedCtx]] = {
     logger.trace("linking modules...")
 
diff --git a/compiler/src/main/scala/aqua/compiler/AquaError.scala b/compiler/src/main/scala/aqua/compiler/AquaError.scala
index 77c787cf..bd15d066 100644
--- a/compiler/src/main/scala/aqua/compiler/AquaError.scala
+++ b/compiler/src/main/scala/aqua/compiler/AquaError.scala
@@ -13,7 +13,7 @@ case class ResolveImportsErr[I, E, S[_]](fromFile: I, token: Token[S], err: E)
     extends AquaError[I, E, S]
 case class ImportErr[I, E, S[_]](token: Token[S]) extends AquaError[I, E, S]
 
-case class CycleError[I, E, S[_]](modules: List[I]) extends AquaError[I, E, S]
+case class CycleError[I, E, S[_]](modules: NonEmptyChain[I]) extends AquaError[I, E, S]
 
 case class CompileError[I, E, S[_]](err: SemanticError[S]) extends AquaError[I, E, S]
 case class OutputError[I, E, S[_]](compiled: AquaCompiled[I], err: E) extends AquaError[I, E, S]
diff --git a/io/src/main/scala/aqua/ErrorRendering.scala b/io/src/main/scala/aqua/ErrorRendering.scala
index e348d8eb..6950c177 100644
--- a/io/src/main/scala/aqua/ErrorRendering.scala
+++ b/io/src/main/scala/aqua/ErrorRendering.scala
@@ -75,7 +75,16 @@ object ErrorRendering {
       val span = token.unit._1
       showForConsole("Cannot resolve import", span, "Cannot resolve import" :: Nil)
     case CycleError(modules) =>
-      s"Cycle loops detected in imports: ${modules.map(_.file.fileName)}"
+      val cycleFileNames = (
+        modules.toChain.toList :+ modules.head
+      ).map(_.file.fileName)
+      val message = cycleFileNames
+        .sliding(2)
+        .collect { case prev :: next :: Nil =>
+          s"$prev imports $next"
+        }
+        .mkString(", ")
+      s"Cycle loops detected in imports: $message"
     case CompileError(err) =>
       err match {
         case RulesViolated(token, messages) =>
diff --git a/linker/src/main/scala/aqua/linker/Linker.scala b/linker/src/main/scala/aqua/linker/Linker.scala
index 8171db06..5afdbd25 100644
--- a/linker/src/main/scala/aqua/linker/Linker.scala
+++ b/linker/src/main/scala/aqua/linker/Linker.scala
@@ -2,22 +2,91 @@ package aqua.linker
 
 import cats.data.{NonEmptyChain, Validated, ValidatedNec}
 import cats.kernel.{Monoid, Semigroup}
-import cats.syntax.semigroup._
+import cats.syntax.semigroup.*
+import cats.syntax.validated.*
+import cats.syntax.functor.*
+import cats.instances.list.*
 import scribe.Logging
 
 import scala.annotation.tailrec
 
 object Linker extends Logging {
 
+  // Dependency Cycle, prev element import next
+  // and last imports head
+  type DepCycle[I] = NonEmptyChain[I]
+
+  /**
+   * Find dependecy cycles in modules
+   *
+   * @param mods Modules
+   * @return [[List]] of dependecy cycles found
+   */
+  private def findDepCycles[I, E, T](
+    mods: List[AquaModule[I, E, T => T]]
+  ): List[DepCycle[AquaModule[I, E, T => T]]] = {
+    val modsIds = mods.map(_.id).toSet
+    // Limit search to only passed modules (there maybe dependencies not from `mods`)
+    val deps = mods.map(m => m.id -> m.dependsOn.keySet.intersect(modsIds)).toMap
+
+    // DFS traversal of dependency graph
+    @tailrec
+    def findCycles(
+      paths: List[NonEmptyChain[I]],
+      visited: Set[I],
+      result: List[DepCycle[I]]
+    ): List[DepCycle[I]] = paths match {
+      case Nil => result
+      case path :: otherPaths =>
+        val pathDeps = deps.get(path.last).toList.flatten
+        val cycles = pathDeps.flatMap(dep =>
+          NonEmptyChain
+            .fromChain(
+              // This is slow
+              path.toChain.dropWhile(_ != dep)
+            )
+            .toList
+        )
+        val newPaths = pathDeps
+          .filterNot(visited.contains)
+          .map(path :+ _) ++ otherPaths
+
+        findCycles(
+          paths = newPaths,
+          visited = visited ++ pathDeps,
+          result = cycles ++ result
+        )
+    }
+
+    val cycles = mods
+      .flatMap(m =>
+        findCycles(
+          paths = NonEmptyChain.one(m.id) :: Nil,
+          visited = Set.empty,
+          result = List.empty
+        )
+      )
+      .distinctBy(
+        // This is really slow, but there
+        // should not be a lot of cycles
+        _.toChain.toList.toSet
+      )
+
+    val modsById = mods.fproductLeft(_.id).toMap
+
+    // This should be safe
+    cycles.map(_.map(modsById))
+  }
+
   @tailrec
   def iter[I, E, T: Semigroup](
     mods: List[AquaModule[I, E, T => T]],
     proc: Map[I, T => T],
-    cycleError: List[AquaModule[I, E, T => T]] => E
-  ): Either[E, Map[I, T => T]] =
+    cycleError: DepCycle[AquaModule[I, E, T => T]] => E
+  ): ValidatedNec[E, Map[I, T => T]] =
     mods match {
       case Nil =>
-        Right(proc)
+        proc.valid
       case _ =>
         val (canHandle, postpone) = mods.partition(_.dependsOn.keySet.forall(proc.contains))
         logger.debug("ITERATE, can handle: " + canHandle.map(_.id))
@@ -25,9 +94,15 @@ object Linker extends Logging {
         logger.debug(s"postpone = ${postpone.map(_.id)}")
         logger.debug(s"proc = ${proc.keySet}")
 
-        if (canHandle.isEmpty && postpone.nonEmpty)
-          Left(cycleError(postpone))
-        else {
+        if (canHandle.isEmpty && postpone.nonEmpty) {
+          findDepCycles(postpone)
+            .map(cycleError)
+            .invalid
+            .leftMap(
+              // This should be safe as cycles should exist at this moment
+              errs => NonEmptyChain.fromSeq(errs).get
+            )
+        } else {
           val folded = canHandle.foldLeft(proc) { case (acc, m) =>
             val importKeys = m.dependsOn.keySet
             logger.debug(s"${m.id} dependsOn $importKeys")
@@ -52,19 +127,14 @@ object Linker extends Logging {
 
   def link[I, E, T: Semigroup](
     modules: Modules[I, E, T => T],
-    cycleError: List[AquaModule[I, E, T => T]] => E,
+    cycleError: DepCycle[AquaModule[I, E, T => T]] => E,
     empty: I => T
   ): ValidatedNec[E, Map[I, T]] =
     if (modules.dependsOn.nonEmpty) Validated.invalid(modules.dependsOn.values.reduce(_ ++ _))
     else {
-      val result = iter(modules.loaded.values.toList, Map.empty[I, T => T], cycleError)
+      val result = iter(modules.loaded.values.toList, Map.empty, cycleError)
 
-      Validated.fromEither(
-        result
-          .map(_.collect { case (i, f) if modules.exports(i) => i -> f(empty(i)) })
-          .left
-          .map(NonEmptyChain.one)
-      )
+      result.map(_.collect { case (i, f) if modules.exports(i) => i -> f(empty(i)) })
     }
 
 }
diff --git a/linker/src/test/scala/aqua/linker/LinkerSpec.scala b/linker/src/test/scala/aqua/linker/LinkerSpec.scala
index 959f226c..065a5ee5 100644
--- a/linker/src/test/scala/aqua/linker/LinkerSpec.scala
+++ b/linker/src/test/scala/aqua/linker/LinkerSpec.scala
@@ -14,10 +14,10 @@ class LinkerSpec extends AnyFlatSpec with Matchers {
       empty
         .add(
           AquaModule[String, String, String => String](
-            "mod1",
-            Map.empty,
-            Map("mod2" -> "unresolved mod2 in mod1"),
-            _ ++ " | mod1"
+            id = "mod1",
+            imports = Map.empty,
+            dependsOn = Map("mod2" -> "unresolved mod2 in mod1"),
+            body = _ ++ " | mod1"
           ),
           toExport = true
         )
@@ -25,7 +25,7 @@ class LinkerSpec extends AnyFlatSpec with Matchers {
 
     Linker.link[String, String, String](
       withMod1,
-      cycle => cycle.map(_.id).mkString(" -> "),
+      cycle => cycle.map(_.id).toChain.toList.mkString(" -> "),
       _ => ""
     ) should be(Validated.invalidNec("unresolved mod2 in mod1"))
 
@@ -36,7 +36,7 @@ class LinkerSpec extends AnyFlatSpec with Matchers {
 
     Linker.link[String, String, String](
       withMod2,
-      cycle => cycle.map(_.id + "?").mkString(" -> "),
+      cycle => cycle.map(_.id + "?").toChain.toList.mkString(" -> "),
       _ => ""
     ) should be(Validated.validNec(Map("mod1" -> " | mod2 | mod1")))
   }