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Peter as of Endgame
Drax has his knives

Round 1: Standard morals for Peter
Round 2: Peter can use instakill mode

Who wins

Drax wins, he's insanely durable

Unless Peter Webs him up

Peter webbing him up would probably work if we consider how much trouble the Cloak of Levitation gave him. But yeah, I don't think Spidey has shown the actual striking power to KO Drax yet. Drax gets murked in round 2 if Peter's spider legs can pierce him though. They are way too fast. Those things one-shotted like a dozen Outriders in like 2 or 3 seconds during Endgame.