The Premier League trophy this season is indeed closer for Liverpool because the efforts made by Liverpool this season have been extraordinary and deserve more praise. In addition, the EFL Cup trophy is also closer to Liverpool because the team is already in the final of the EFL Cup this season, while for the UCL trophy it is still uncertain because there are still more matches to be passed by Liverpool. And for Arsenal it seems that the team must make a better effort next season in the Premier League and also in the UCL even though this season Arsenal is also in the last 16.
Liverpool are favourite for all the competition that they're still in as they're not slowing down but playing very well and defeating every club that they come across. I can't remember last time that I saw Liverpool losing and they're also scoring good goals in all their games. The premier league is theirs already as no club can challenge them. Arsenal that was trying, has just lost the race and can now only try to stay in the top 4 as other clubs are also trying their best to stay consistent in the top 4 position. For the champions league, it'll be very hard for Liverpool as some other stronger clubs are still participating in the champions eague with hopes of winning.
For all the three trophies linked to Liverpool as a potential winner I think it is only the premier league trophy is guaranteed, in UCL there are still some top and tough teams will compete with Liverpool which outcome of the match is unpredictable now that they are in the knockout stage there is no longer any underdog in the competition, even Liverpool top the table in the new format UCL notwithstanding there are teams that would them a run of their money, for EFL Cup finals Newcastle is not pushover and having won a trophy for a long time would definitely slug it out with Liverpool so it's 50:50..