Svyelun of Sea and Sky

Svyelun 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}.)

Quicksilver Fountain

At the beginning of each player's upkeep, that player puts a flood counter on target non-Island land they control of their choice. That land is an Island for as long as it has a flood counter on it.
At the beginning of each end step, if all lands on the battlefield are Islands, remove all flood counters from them.

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.)

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.)

Alandra, Sky Dreamer

Whenever you draw your second card each turn, create a 2/2 blue Drake creature token with flying.
Whenever you draw your fifth card each turn, Alandra and Drakes you control each get +X/+X until end of turn, where X is the number of cards in your hand.

Talrand, Sky Summoner

Whenever you cast an instant or sorcery spell, create a 2/2 blue Drake creature token with flying.

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.

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.

Lord of Atlantis

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