Liquidity mining hands down. The issue there is you’re an LP for a token and basically writing a covered call option and taking on way more risk. Meanwhile lending is fully collateralized. There’s a slight difference if you’re an LP for stablecoins, which have less of a chance of going to zero, but for the most part the opportunity cost of Liquidity mining is higher than holding ETH spot, so the additional token yield needs to be high to compensate that risk.

Lending is more stable for the most part because there is no impermanent loss like there is with liquidity providing. IL can be minimized by trading assets that are strongly correlated like stable coins. The rewards for for LP farms are paid in that token which you may not already hold or want to hold. With lending you can choose to only lend assets that you are long on. The APR often depends on the price of the token and can swing wildly if the token price goes up or down. lL returns are typically higher, but the require more risks.