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.

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.)

Island

Cursecatcher

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

Otawara, Soaring City

{T}: Add {U}.
Channel — {3}{U}, Discard Otawara, Soaring City: Return target artifact, creature, enchantment, or planeswalker to its owner's hand. This ability costs {1} less to activate for each legendary creature you control.

Unlicensed Hearse

{T}: Exile up to two target cards from a single graveyard.
Unlicensed Hearse's power and toughness are each equal to the number of cards exiled with it.
Crew 2

Vodalian Hexcatcher

Flash
Other Merfolk you control get +1/+1.
Sacrifice a Merfolk: Counter target noncreature spell unless its controller pays {1}.

Relic of Progenitus

{T}: Target player exiles a card from their graveyard.
{1}, Exile Relic of Progenitus: Exile all graveyards. Draw a card.

Minamo, School at Water's Edge

{T}: Add {U}.
{U}, {T}: Untap target legendary permanent.

Chalice of the Void

Chalice of the Void enters with X charge counters on it.
Whenever a player casts a spell with mana value equal to the number of charge counters on Chalice of the Void, counter that spell.

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.

Force of Negation

If it's not your turn, you may exile a blue card from your hand rather than pay this spell's mana cost.
Counter target noncreature spell. If that spell is countered this way, exile it instead of putting it into its owner's 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}.)

Lord of Atlantis

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

Spreading Seas

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

Mutavault

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

Cavern of Souls

As Cavern of Souls enters, choose a creature type.
{T}: Add {C}.
{T}: Add one mana of any color. Spend this mana only to cast a creature spell of the chosen type, and that spell can't be countered.

Merfolk Trickster

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

Tide Shaper

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

Glasspool Shore

Glasspool Shore enters tapped.
{T}: Add {U}.

Glasspool Mimic

You may have Glasspool Mimic 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

Subtlety

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

Waterlogged Grove

{T}, Pay 1 life: Add {G} or {U}.
{1}, {T}, Sacrifice Waterlogged Grove: Draw a card.

Grafdigger's Cage

Creature cards in graveyards and libraries can't enter the battlefield.
Players can't cast spells from graveyards or libraries.