In terms of power, Darkseid has the upper hand. People tend to forget that Lobo's soul can be destroyed.

Excellent point, because everybody has the arcane knowledge or a divine artefact on hand at any given moment just in case Lobo—the one person whose soul can be destroyed, let’s not forget—shows up to cause trouble.

Lobo/Deadman: The Brave and the Bald is about an Apokoliptian scientist who contracts Lobo to bring him a spirit. When things end messy and Lobo faces Darkseid, he just teleports the pest away with his omega beams.

Darkseid is powerful, but he doesn’t like wasting his time on something so trivial.

You would have been typing that just as I was posting, but yes, Darkseid rarely engages in conflict directly.

As for your earlier theory about Darkseid buying a contract to cancel the former, Lobo’s code wouldn’t allow that.

So it's a mismatch. Do you know some good comic stories for Darkseid?

Jack Kirby's Fourth World and The Great Darkness Saga

Thanks!

Cosmic Odyssey is also decent story that revolves around Darkseid’s obsession with anti-life.

That sounds interesting. Thanks for the advice!

Darkseid for sure. Darkseid could break Lobo in half (a bit of an exaggeration but kind of true).