Merrow Reejerey

Other Merfolk creatures you control get +1/+1.
Whenever you cast a Merfolk spell, you may tap or untap target permanent.

Master of Waves

Protection from red
Elemental creatures you control get +1/+1.
When Master of Waves enters, create a number of 1/0 blue Elemental creature tokens equal to your devotion to blue. (Each {U} in the mana costs of permanents you control counts toward your devotion to blue.)

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.)

Spell Pierce

Counter target noncreature spell unless its controller pays {2}.

Dismember

({B/P} can be paid with either {B} or 2 life.)
Target creature gets -5/-5 until end of turn.

Aether Vial

At the beginning of your upkeep, you may put a charge counter on Aether Vial.
{T}: You may put a creature card with mana value equal to the number of charge counters on Aether Vial from your hand onto the battlefield.

Mistcaller

Sacrifice Mistcaller: Until end of turn, if a nontoken creature would enter and it wasn't cast, exile it instead.

Island

Silvergill Adept

As an additional cost to cast this spell, reveal a Merfolk card from your hand or pay {3}.
When Silvergill Adept enters, draw a card.

Cursecatcher

Sacrifice Cursecatcher: Counter target instant or sorcery spell unless its controller pays {1}.

Mutavault

{T}: Add {C}.
{1}: Mutavault becomes a 2/2 creature with all creature types until end of turn. It's still a land.

Negate

Benthic Biomancer

{1}{U}: Adapt 1. (If this creature has no +1/+1 counters on it, put a +1/+1 counter on it.)
Whenever one or more +1/+1 counters are put on Benthic Biomancer, draw a card, then discard a card.

Echoing Truth

Return target nonland permanent and all other permanents with the same name as that permanent to their owners' hands.

Merfolk Trickster

Flash
When Merfolk Trickster enters, tap target creature an opponent controls. It loses all abilities until end of turn.

Harbinger of the Tides

You may cast Harbinger of the Tides as though it had flash if you pay {2} more to cast it. (You may cast it any time you could cast an instant.)
When Harbinger of the Tides enters, you may return target tapped creature an opponent controls to its owner's hand.

Spreading Seas

Enchant land
When Spreading Seas enters, draw a card.
Enchanted land is an Island.

Oboro, Palace in the Clouds

{T}: Add {U}.
{1}: Return Oboro, Palace in the Clouds to its owner's hand.

Phantasmal Image

You may have Phantasmal Image enter as a copy of any creature on the battlefield, except it's an Illusion in addition to its other types and it has "When this creature becomes the target of a spell or ability, sacrifice it."

Lord of Atlantis

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