Arsenal (last win 2005) lead 10-7 against Liverpool (last win 2006). Arsenal also have the edge in finals between the two, leading the series 2-1 with wins in 1950 and 1971, against Liverpool's triumph in 2001.
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Both are huge clubs, but Liverpool's global support would surely surpass Arsenal's.
Arsenal is the more successful team with 10 FA cups won, 10 premiere titles won, 13th time first divisional team.
Arsenal have consistently qualified for champions league for the past 15 years. Arsenal finished 3rd last year while Liverpool finished 8th, Therefore making arsenal the better team