Alexander-Arnold played 90 minutes as the Reds ended a tough, but successful, week with a 2-1 win at Championship-bound Fulham on Sunday - when they were well below their best.
Being just 20, seasons like this may be plentiful in the England international's future career, but he is determined to make this one count as Liverpool hope to fend off City.
"It's massive," he said. "Obviously I was a fan during the 13-14 season when we came so close, so it's nice to be involved in a title race.
"You don't get to say that many times in your career. It's trying to embrace it, soak it all up and hopefully we'll be successful at the end of the season."
There are likely to be plenty of twists and turns between now and the end of the campaign, with City having a game in hand and another to be rearranged to make room for their FA Cup semi-final in April.
That could allow Liverpool to build a bigger lead, but Alexander-Arnold is only focused on his club.
"I'm not even sure when their game in hand is or what the situation with the table is," he admitted. "It's important for us to just focus on ourselves. It's a bit cliched, but that's the main thing for us.
"Just try and be the best that we can be, and hopefully at the end of the season we'll be coming away with some silverware. 'It all comes from the manager. Everything we do comes from the manager.
"We try and go out there and play in the way he wants us to play, go and do the things that he wants us to do, so it's important for us to think the way he wants us to think as well."