Alexandre Lacazette scored a fantastic late equaliser to extend our unbeaten run in a pulsating Premier League encounter.
We were full value for the point in an end-to-end match, but had to come from behind after James Milner pounced on Bernd Leno's parry on the hour mark.
The goal seemed to have knocked the stuffing out of us, after we had expended so much energy in the first half.
But with less than 10 minutes remaining substitute Alex Iwobi threaded the ball into the box for Lacazette to run onto. It looked as though the striker had taken the ball too wide when rounding Allison, but he composed himself to fire just inside the far post.
Emirates was rocking once more, as it had been for most of the evening to be fair.
We started well, Aubameyang had a shot turned round the near post before Henrikh Mkhitaryan beat Allison to a deep cross, only for his header to drop just wide.
But then Liverpool stepped up a gear. Sadio Mane had a goal ruled out for a marginal offside after Roberto Firmino's shot came to him off the post, before Bernd Leno saved from Virgil van Dijk and Andrew Robertson.
Arsenal rode the storm, and came roaring back. The game was alive now, and being played at a fantastic pace. We started to creating chances of our own. Lacazette came closest, dragging his shot just wide from Mesut Ozil's superb flick.
Lacazette put the ball in the net shortly afterwards, but the linesman's flag had already gone up.
It was a thrilling half, that somehow ended goalless. Van Dijk headed against the post injury-time with Leno well beaten.
We started the second half on the front foot, but it was Liverpool who struck first. Mane's cross was palmed away by Leno, but only to the waiting Milner who fired home.
Lucas Torreira was denied by Allison just a minute after we fell behind, the lively Uruguayan swapped passes outside the area but his effort was tipped just over.
Unai Emery, celebrating his birthday, then made a couple of substitutions, introducing Aaron Ramsey and Iwobi, and the latter created the breakthrough, finding Lacazette with a fine pass.
Hector Bellerin blazed a late chance over the bar on his wrong foot, and in the end we settled for a point, taking our unbeaten run to 14 matches in all competitions.
For the first time ever Mkhitaryan, Ozil, Aubameyang and Lacazette were all named in the same starting XI, while full-backs Bellerin and Sead Kolasinac both shook off injuries to be selected.
In all there were nine changes from the midweek win over Blackpool, with only Mkhitaryan and Shkodran Mustafi retaining their places.
The third of four consecutive home games is this Thursday evening against Sporting Lisbon in the Europa League. Victory would guarantee top spot with two games to spare.
We are next in Premier League action on Sunday, against Wolves at Emirates Stadium at 4.30pm.
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