Stonybrook Banneret

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Merfolk spells and Wizard spells you cast cost {1} less to cast.

Reliquary Tower

You have no maximum hand size.
{T}: Add {C}.

Jadelight Spelunker

When Jadelight Spelunker enters, it explores X times. (To have it explore, reveal the top card of your library. Put that card into your hand if it's a land. Otherwise, put a +1/+1 counter on that creature, then put the card back or put it into your graveyard.)

Svyelun of Sea and Sky

Svyelun of Sea and Sky has indestructible as long as you control at least two other Merfolk.
Whenever Svyelun attacks, draw a card.
Other Merfolk you control have ward {1}. (Whenever another Merfolk you control becomes the target of a spell or ability an opponent controls, counter it unless that player pays {1}.)

Herald of Secret Streams

Creatures you control with +1/+1 counters on them can't be blocked.

Deeproot Elite

Whenever another Merfolk you control enters, put a +1/+1 counter on target Merfolk you control.

Cold-Eyed Selkie

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Whenever Cold-Eyed Selkie deals combat damage to a player, you may draw that many cards.

Forest

Deeproot Waters

Whenever you cast a Merfolk spell, create a 1/1 blue Merfolk creature token with hexproof. (A creature with hexproof can't be the target of spells or abilities your opponents control.)

Singer of Swift Rivers

Flash
When Singer of Swift Rivers enters, put a shield counter on another target creature you control. (If it would be dealt damage or destroyed, remove a shield counter from it instead.)
You may cast Merfolk spells as though they had flash.

Kopala, Warden of Waves

Spells your opponents cast that target a Merfolk you control cost {2} more to cast.
Abilities your opponents activate that target a Merfolk you control cost {2} more to activate.

Nicanzil, Current Conductor

Whenever a creature you control explores a land card, you may put a land card from your hand onto the battlefield tapped.
Whenever a creature you control explores a nonland card, put a +1/+1 counter on Nicanzil, Current Conductor.

Seafloor Oracle

Whenever a Merfolk you control deals combat damage to a player, draw a card.

Island

Kiora, the Rising Tide

When Kiora enters, draw two cards, then discard two cards.
Threshold — Whenever Kiora attacks, if there are seven or more cards in your graveyard, you may create Scion of the Deep, a legendary 8/8 blue Octopus creature token.

Master of the Pearl Trident

Other Merfolk creatures you control get +1/+1 and have islandwalk. (They can't be blocked as long as defending player controls an Island.)

Sol Ring

Roaming Throne

Ward {2}
As Roaming Throne enters, choose a creature type.
Roaming Throne is the chosen type in addition to its other types.
If a triggered ability of another creature you control of the chosen type triggers, it triggers an additional time.

Hinterland Harbor

Hinterland Harbor enters tapped unless you control a Forest or an Island.
{T}: Add {G} or {U}.

Command Tower

{T}: Add one mana of any color in your commander's color identity.

Emperor Mihail II

You may look at the top card of your library any time.
You may cast Merfolk spells from the top of your library.
Whenever you cast a Merfolk spell, you may pay {1}. If you do, create a 1/1 blue Merfolk creature token.

Arcane Signet

Hakbal of the Surging Soul

At the beginning of combat on your turn, each Merfolk creature you control explores. (Reveal the top card of your library. Put that card into your hand if it's a land. Otherwise, put a +1/+1 counter on the exploring creature, then put the card back or put it into your graveyard.)
Whenever Hakbal of the Surging Soul attacks, you may put a land card from your hand onto the battlefield. If you don't, draw a card.

Mist Dancer

Flying
Other Merfolk you control get +1/+0 and have flying.
Encore {5}{U}{U} ({5}{U}{U}, Exile this card from your graveyard: For each opponent, create a token copy that attacks that opponent this turn if able. They gain haste. Sacrifice them at the beginning of the next end step. Activate only as a sorcery.)