Killing Giants raises dwarves and dragons, I aimagine killing dwarves would
raise giants and dragons but am not sure. I also imagine that killing
dragons will raise dwarves and giants. Seems like you basically choose one
faction to hurt out of the three. Note that the minus faction hits are more
significant than the plus hits so you can't kill the same number of giants
and dwarves without expecting to be KoS to both.

Kit

To you all that have been to Velious... Which factions are you watching out
for?

from the little that I've been/understand of it is that you kill 1 other 2
like you and so on

Dragons/Giants/Dwarves