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.)

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.)

Stonybrook Banneret

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Merfolk spells and Wizard spells you cast cost {1} less to cast.

Mist-Cloaked Herald

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.

Vodalian Hexcatcher

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

Merrow Harbinger

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
When Merrow Harbinger enters, you may search your library for a Merfolk card, reveal it, then shuffle and put that card on top.

Triton Shorestalker

Harbinger of the Tides

You may cast this card as though it had flash if you pay {2} more to cast it. (You may cast it any time you could cast an instant.)
When this creature enters, you may return target tapped creature an opponent controls to its owner's hand.

Merrow Reejerey

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

Defiler of Dreams

Flying
As an additional cost to cast blue permanent spells, you may pay 2 life. Those spells cost {U} less to cast if you paid life this way. This effect reduces only the amount of blue mana you pay.
Whenever you cast a blue permanent spell, draw a card.

Seafloor Oracle

Whenever a Merfolk you control deals combat damage to a player, draw a card.

Rootwater Thief

{U}: Rootwater Thief gains flying until end of turn.
Whenever Rootwater Thief deals combat damage to a player, you may pay {2}. If you do, search that player's library for a card and exile it, then the player shuffles.

Seahunter

{3}, {T}: Search your library for a Merfolk permanent card, put it onto the battlefield, then shuffle.

Military Intelligence

Whenever you attack with two or more creatures, draw a card.

True-Name Nemesis

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

Teferi's Ageless Insight

If you would draw a card except the first one you draw in each of your draw steps, draw two cards instead.

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}.)

Stormtide Leviathan

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
All lands are Islands in addition to their other types.
Creatures without flying or islandwalk can't attack.

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.)

Cosi's Trickster

Whenever an opponent shuffles their library, you may put a +1/+1 counter on Cosi's Trickster.

Slinn Voda, the Rising Deep

Kicker {1}{U} (You may pay an additional {1}{U} as you cast this spell.)
When Slinn Voda, the Rising Deep enters, if it was kicked, return all creatures to their owners' hands except for Merfolk, Krakens, Leviathans, Octopuses, and Serpents.

Merfolk Sovereign

Other Merfolk creatures you control get +1/+1.
{T}: Target Merfolk creature can't be blocked this turn.

Reconnaissance Mission

Whenever a creature you control deals combat damage to a player, you may draw a card.
Cycling {2} ({2}, Discard this card: Draw a card.)