There is liquid formula that is patent pending on the market but I have also developed a formula which works the same way but has totally different ingredients. Am I still eligible for a patent?
It really depends on how different the formula is. The best bet is probably to speak with a patent professional to whom you can disclose your invention and discuss patentability.
You might be able to edit your question to give some more details, but be careful not to tell too much.
It sounds like you're probably going to be able to get something, because formulas can be patented.
It's worth noting that the other way around wouldn't be patentable, if you were looking to use an existing formula for a different purpose, but I know that's not what you had said.