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.)

Deeproot Warrior

Whenever Deeproot Warrior becomes blocked, it gets +1/+1 until end of turn.

Jungleborn Pioneer

When Jungleborn Pioneer enters, create a 1/1 blue Merfolk creature token with hexproof. (It can't be the target of spells or abilities your opponents control.)

Merfolk Skydiver

Flying
When Merfolk Skydiver enters, put a +1/+1 counter on target creature you control.
{3}{G}{U}: Proliferate. (Choose any number of permanents and/or players, then give each another counter of each kind already there.)

Deeproot Elite

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

Adrix and Nev, Twincasters

Ward {2} (Whenever this creature becomes the target of a spell or ability an opponent controls, counter it unless that player pays {2}.)
If one or more tokens would be created under your control, twice that many of those tokens are created instead.

Expedition Diviner

Flying
As long as you control another Wizard, Expedition Diviner has "When this creature dies, 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.)

Kumena, Tyrant of Orazca

Tap another untapped Merfolk you control: Kumena, Tyrant of Orazca can't be blocked this turn.
Tap three untapped Merfolk you control: Draw a card.
Tap five untapped Merfolk you control: Put a +1/+1 counter on each Merfolk you control.

Caller of Gales

{1}{U}, {T}: Target creature gains flying until end of turn.

Forerunner of the Heralds

When Forerunner of the Heralds enters, you may search your library for a Merfolk card, reveal it, then shuffle and put that card on top.
Whenever another Merfolk you control enters, put a +1/+1 counter on Forerunner of the Heralds.

Brineborn Cutthroat

Flash (You may cast this spell any time you could cast an instant.)
Whenever you cast a spell during an opponent's turn, put a +1/+1 counter on this creature.

Kiora's Follower

Mist-Cloaked Herald

Jade Bearer

When Jade Bearer enters, put a +1/+1 counter on another target Merfolk you control.

Augur of Bolas

When Augur of Bolas enters, look at the top three cards of your library. You may reveal an instant or sorcery card from among them and put it into your hand. Put the rest on the bottom of your library in any order.

Prime Speaker Zegana

Prime Speaker Zegana enters with X +1/+1 counters on it, where X is the greatest power among other creatures you control.
When Prime Speaker Zegana enters, draw cards equal to its power.

Arctic Merfolk

Kicker—Return a creature you control to its owner's hand. (You may return a creature you control to its owner's hand in addition to any other costs as you cast this spell.)
If Arctic Merfolk was kicked, it enters with a +1/+1 counter on it.

Cursecatcher

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

Cleric of Chill Depths

Whenever Cleric of Chill Depths blocks a creature, that creature doesn't untap during its controller's next untap step.

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.

Merfolk Mistbinder

Jade Guardian

Hexproof (This creature can't be the target of spells or abilities your opponents control.)
When Jade Guardian enters, put a +1/+1 counter on target Merfolk you control.

Merfolk Looter

Coral Commando

Combine Guildmage

{1}{G}, {T}: This turn, each creature you control enters with an additional +1/+1 counter on it.
{1}{U}, {T}: Move a +1/+1 counter from target creature you control onto another target creature you control.

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.

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.