Well, that's a complicated question. Up to a point it depends on your stamina and SSI items (eg assassin armor, crafted ring, SSI on the weapon, etc.). With none of that, the Rune Blade comes in 9th place and Crescent Blade is best. At 60 SSI (max) it is 6th place and Crescent Blade is best. Change your Dex and STR and Elven Machete comes out on top with zero SSI, or the Ornate Axe is king with over 39 DPS at 60 SSI. However, Rune Blade is never top damager based on DPS.
THAT is based solely on DPS. Use this Stratics calculator to put your actual stats in and you can judge for yourself.
http://uo.stratics.com/content/arms-armor/arms.php