Counterspell

Mistcaller

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

Tide Shaper

Kicker {1} (You may pay an additional {1} as you cast this spell.)
When this creature enters, if it was kicked, target land becomes an Island for as long as this creature remains on the battlefield.
This creature gets +1/+1 as long as an opponent controls an Island.

Subtlety

Flash
Flying
When this creature enters, choose up to one target creature spell or planeswalker spell. Its owner puts it on their choice of the top or bottom of their library.
Evoke—Exile a blue card from your hand.

Thieving Skydiver

Kicker {X}. X can't be 0. (You may pay an additional {X} as you cast this spell.)
Flying
When this creature enters, if it was kicked, gain control of target artifact with mana value X or less. If that artifact is an Equipment, attach it to this creature.

Island

Merrow Reejerey

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

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}.)

Mutavault

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

Tidebinder Mage

When this creature enters, tap target red or green creature an opponent controls. That creature doesn't untap during its controller's untap step for as long as you control this creature.

Relic of Progenitus

{T}: Target player exiles a card from their graveyard.
{1}, Exile this artifact: Exile all graveyards. Draw a card.

Silvergill Adept

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

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.)

Glasspool Shore

Glasspool Mimic

You may have this creature enter as a copy of a creature you control, except it's a Shapeshifter Rogue in addition to its other types.

Glasspool Mimic // Glasspool Shore

Spreading Seas

Enchant land
When this Aura enters, draw a card.
Enchanted land is an Island.

Merfolk Trickster

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

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 this creature, draw a card, then discard a card.

Kira, Great Glass-Spinner

Flying
Creatures you control have "Whenever this creature becomes the target of a spell or ability for the first time each turn, counter that spell or ability."

Lord of Atlantis

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