Gerrard, who celebrates five years as captain this week, is back to his best form after a stuttering start to the season.
He has hit four goals in his last five games and hopes to continue that form against Fulham at Anfield today.
He said: "I played through it and now I have come out the other side, scoring goals and feeling great. We are keeping pace at the top and we are not at our best yet, while few would argue that Arsenal are playing to their full potential at the moment.
"They're on fire and playing out of their skin. But they have not had the problems that us, Chelsea and Manchester United have had with injuries to key players. It will be interesting to see how well they perform when they lose a few key players and face more tricky matches.
"But people are saying we are out of it and struggling. Wrong. We are in the first week of November, in a better position than we were this time last season and unbeaten in the league with a game in hand on most.
"Let us see where we are when the prizes are handed out come May - that is what counts."
Gerrard admits his form has been patchy this season. He added: "I know I was not at my best earlier in the season.
"But when you have been out for a while like I was with injury, it is always going to take time to get back into your rhythm."