Philippe Coutinho's stunning free kick in stoppage time ensured that the two sides would go into the break level, though, and the visitors picked up where they left off in the second half as Adam Lallana, Coutinho and Sadio Mane blitzed Arsenal to take a 4-1 lead.
Alex Oxlade-Chamberlain responded immediately to give his side hope, and Calum Chambers then reduced the deficit back to one 15 minutes from time, but Liverpool held out to take all three points from the seven-goal thriller.
Find out how all of the action unfolded courtesy of Sports Mole's live minute-by-minute coverage below.
ARSENAL STARTING XI: Cech; Bellerin, Holding, Chambers, Monreal; Elneny, Coquelin, Walcott, Ramsey, Iwobi; Sanchez
Subs: Ospina, Gibbs, Wilshere, Xhaka, Cazorla, Oxlade-Chamberlain, Akpom
LIVERPOOL STARTING XI: Mignolet; Clyne, Lovren, Klavan, Moreno; Wijnaldum, Henderson, Lallana, Coutinho, Mane; Firmino
Subs: Manninger, Can, Origi, Matip, Alexander-Arnold, Stewart, Grujic