This one.
I was pretty frustrated recently when I got a flight for 20% less by clicking through from a Google Flights link than I did from searching directly on aircanada.com while logged in with my Aeroplan account. I know exactly why it's the way it is, but it's pretty discouraging to feel that loyal-customer behaviour like going directly to the airline instead of an aggregator is punished with a higher price.
Hotels pull this schtick too.
Almost always, if you walk up to the front desk and ask for a room, the price is 15-20% more than what you see online at that very moment.
This is baffling, and has to be coming from some convoluted agreement.
The hotel makes a lower amount if I book through priceline or expedia or whatever.