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.
Realistically, Liverpool might have a much bigger chance of winning the English League Cup compared to the Champions League Cup because the competition in the Champions League is much tighter. In the Premier League itself, it is almost certain that no club can catch up with the points that have been collected by Liverpool, although Arsenal themselves tried to catch up with the points but they failed in several matches which ended in draws and losses.
Liverpool are just a few steps away from the Premier League title and I think this season will be a very impressive one for them because if you look at it, it is difficult to beat Liverpool in a fairly consistent condition like now. Arsenal are behind in many ways this season so the title race is still a dream that is difficult for them to realize.