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.)

Island

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.

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}.)

Counterspell

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.

Kumena's Speaker

Kumena's Speaker gets +1/+1 as long as you control another Merfolk or an Island.

Rabid Bite

Target creature you control deals damage equal to its power to target creature you don't control.

Spreading Seas

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

Hinterland Harbor

Hinterland Harbor enters tapped unless you control a Forest or an Island.
{T}: Add {G} or {U}.

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

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.

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.)

Yavimaya Coast

{T}: Add {C}.
{T}: Add {G} or {U}. Yavimaya Coast deals 1 damage to you.

True-Name Nemesis

As True-Name Nemesis enters, choose a player.
True-Name Nemesis has protection from the chosen player.

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.

Merfolk Mistbinder

Lord of Atlantis

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