Ok so this topic is a biggie amongst people with watery eyes. Unfortunately I am one of those people and since you're reading this I'm guessing you are too. I feel your pain. I've dealt with this issue since the dawn of my existence (ok maybe not the dawn but since I was at least 15 haha) I love love LOVE wearing eyeliner on my waterline I think it looks great! I had to stop wearing it due to the smudgyness though it would slowly migrate south and make me look like a raccoon after about an hour.
One of the better liners I've tried is Urban Decay 24/7 liner in Zero (its a black) this liner is really soft and easily glides on.
This is what Urban Decay says about these pencils: "The best Eye Pencil ever, ever, ever! Never before has a pencil this creamy and brilliant been waterproof, too. Velvety-soft, this never-before-seen formula stays soft and creamy for blending (about 30 seconds), then dries down to a long-lasting finish that WILL NOT budge. Line eyes with a hint of color or go for the full artistic, multi-hued effect with the wide selection of lush tropical hues, deep metallics and unusually vibrant neutrals. Incredible with Urban Decay Eyeshadows!
Created with 50% moisturizing ingredients suspended in a sophisticated waterproof formula, 24/7 Eye Pencils offer long-lasting color and a dreamy, creamy feel when applied. With Jojoba Oil, Vitamin E and Cottonseed Oil".
It definitely stays in place better then your average liner but this isn't something that will last you "24/7", after a few hours it also migrates down to my under eye area giving me the infamous raccoon look. This is a liner that I'll typically use if I'm just running around doing errands or going to my boyfriends place for the evening.
The urban decay pencils retail for $18.00 USD for 0.2g e 0.04 US oz. These pencils come in a huge variety of pencils on Urban Decay's website there are 23 different shades available. Please note Urban Decay doesn't ship everywhere - maybe you'd have better luck getting a hold of these on Sephora's website.
So far the best thing that I've tried on my waterline that doesn't budge for hours on end is Tatres emphasEYES Amizonian Clay Waterproof liner!
This is what Tarte says about these liners: "Infused with micronized clay and reinforced by our natural waterproofing agent, these plush shadow/liners are a must for creating intense and long-lasting high definition eyes. Our high-performance natural™ Amazonian clay is nature's most perfect ingredient, lending deep color pigments while nourishing skin, reducing surface oil and improving overall texture for smooth application.
Our botanical waterproofing agent is earth engineered from a blend of natural plant waxes to form an impermeable layer that protects against rain, sweat, tears and creasing. The fusion of technologies results in an intense yet smooth cream that can be smudged onto lids as an all over shadow or used as a high definition liner using the double-ended brush included with each shade. emphasEYES™ shadow/liners are housed in an airtight jar to keep product cushion intact from start to finish, so no matter the look the result is a precise and waterproof finish".
This liner is available in 5 shades: Black, Brown Indigo, Plum, Bronze and Green. I currently have Black, Bronze and the Green liner. I love the consistency of all the liners but the Green is the worst of the three texture wise, on top of that I also thought it would be a more brilliant green. Its still a great liner though. I HIGHLY recommend the brush that the liners come with. Its FANTASTIC! Its my favourite brush to use when applying eyeliner. Although, I do use an angled eyeliner brush for applying this product to my water line, just to make it a little easier. To be more specific I use a Quo angled eyeliner brush (which is pictured below).
Tatres emphasEYES Amizonian Clay Waterproof liners retail for $22.00 USD from Tartes website for 1.8g or 0.06 oz.
Quo's Angled Liner Brush
Another product that I think would work well is Mac's fluid liners. I tried them out on my water line and they did have pretty good staying power also. The tarte liners did stay a little bit better but if your in a pinch I think its well worth it to use Mac's fluidliner over something like Urban Decay's 24/7 liner.
This is what Mac says about their fluidliner: "Ultra-smooth, Fluidline’s gel formula provides the precision of a liquid liner with a silkier, softer finish. Goes on “foolproof” with a brush in an easy dip-and-stroke action. Long-wearing. Smudge-proof. Lines up in a rich array of colours and finishes. Brush sold separately".
Mac's Fluid liner comes in 7 different shades (Ivy, Rich Ground, Dipdown, Blitz and Glitz, Waveline and Macroviolet) These liners retail for $18.00 CAD for 2.5 g / 0.08 US oz. If your interested you can get it off Mac's website.
Overall I think its a great option to use liners like Tarte's and Mac's. It gives those of us with watery eyes the option to wear something on our waterlines without having to touch them up every couple hours.