48 Laban said, "This heap is witness between me and you this day." Therefore it was named Galeed
*Minor differences ignored. Grouped by changes, with first version listed as example.
I think these two verses are badly divided, and should be read thus:
Genesis 31:48 - And Laban said, This heap is a witness between me and thee this day.
Genesis 31:49 - Therefore was the name of it called Galeed and Mizpah; for he said, The Lord watch between me and thee, when we are absent one from another.
Mizpah - מעפה mitspah signifies a watch-tower; and Laban supposes that in consequence of the consecration of the place, and the covenant now solemnly made and ratified, that God would take possession of this heap, and stand on it as on a watch-tower, to prevent either of them from trenching on the conditions of their covenant.
And Laban said, this heap is a witness between me and thee this day. A witness of the covenant now about to be made between them that day, and a witness against them should they break it:
therefore was the name of it called Galeed; by Jacob, as before observed; See Gill on Genesis 31:47.
*More commentary available at chapter level.