Consider

Surveil 1. (Look at the top card of your library. You may put it into your graveyard.)
Draw a card.

Lonely Sandbar

Lonely Sandbar enters tapped.
{T}: Add {U}.
Cycling {U} ({U}, Discard this card: Draw a card.)

Door of Destinies

As Door of Destinies enters, choose a creature type.
Whenever you cast a spell of the chosen type, put a charge counter on Door of Destinies.
Creatures you control of the chosen type get +1/+1 for each charge counter on Door of Destinies.

Rishadan Dockhand

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
{1}, {T}: Tap target land.

Sky Diamond

Everflowing Chalice

Multikicker {2} (You may pay an additional {2} any number of times as you cast this spell.)
Everflowing Chalice enters with a charge counter on it for each time it was kicked.
{T}: Add {C} for each charge counter on Everflowing Chalice.

Reality Shift

Exile target creature. Its controller manifests the top card of their library. (That player puts the top card of their library onto the battlefield face down as a 2/2 creature. If it's a creature card, it can be turned face up any time for its mana cost.)

Tideshaper Mystic

{T}: Target land becomes the basic land type of your choice until end of turn. Activate only during your turn.

Aquatic Incursion

When Aquatic Incursion enters, create two 1/1 blue Merfolk creature tokens with hexproof. (They can't be the targets of spells or abilities your opponents control.)
{3}{U}: Target Merfolk can't be blocked this turn.

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.)

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.

Mind Stone

{T}: Add {C}.
{1}, {T}, Sacrifice Mind Stone: Draw 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.

Imprisoned in the Moon

Enchant creature, land, or planeswalker
Enchanted permanent is a colorless land with "{T}: Add {C}" and loses all other card types and abilities.

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.)

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.

Mystic Sanctuary

({T}: Add {U}.)
Mystic Sanctuary enters tapped unless you control three or more other Islands.
When Mystic Sanctuary enters untapped, you may put target instant or sorcery card from your graveyard on top of your library.

Spreading Seas

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

Fallowsage

Whenever Fallowsage becomes tapped, you may draw a card.

Disdainful Stroke

Counter target spell with mana value 4 or greater.

Lord of Atlantis

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

Aquitect's Will

Put a flood counter on target land. That land is an Island in addition to its other types for as long as it has a flood counter on it. If you control a Merfolk, draw a card.

Spell Pierce

Counter target noncreature spell unless its controller pays {2}.

The Surgical Bay

The Surgical Bay enters tapped.
{T}: Add {U}.
{1}{U}, {T}, Sacrifice The Surgical Bay: Draw a card.

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

Thieving Skydiver

Kicker {X}. X can't be 0. (You may pay an additional {X} as you cast this spell.)
Flying
When Thieving Skydiver 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 Thieving Skydiver.

Sol Ring

Merfolk Sovereign

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

Arcane Signet

{T}: Add one mana of any color in your commander's color identity.

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.

River Sneak

River Sneak can't be blocked.
Whenever another Merfolk you control enters, River Sneak gets +1/+1 until end of turn.

True-Name Nemesis

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

Robe of the Archmagi

Whenever equipped creature deals combat damage to a player, you draw that many cards.
Equip {4}
Equip Shaman, Warlock, or Wizard {1}

Herald's Horn

As Herald's Horn enters, choose a creature type.
Creature spells you cast of the chosen type cost {1} less to cast.
At the beginning of your upkeep, look at the top card of your library. If it's a creature card of the chosen type, you may reveal it and put it into your hand.

Merfolk Looter

Aetherspouts

For each attacking creature, its owner puts it on their choice of the top or bottom of their library.

Bident of Thassa

Whenever a creature you control deals combat damage to a player, you may draw a card.
{1}{U}, {T}: Creatures your opponents control attack this turn if able.

Merrow Reejerey

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

Counterspell

Vodalian Hexcatcher

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

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.

Enclave Cryptologist

Level up {1}{U} ({1}{U}: Put a level counter on this. Level up only as a sorcery.)
LEVEL 1-2
0/1
{T}: Draw a card, then discard a card.
LEVEL 3+
0/1
{T}: Draw a card.

Merfolk Trickster

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

Seafloor Oracle

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

Lullmage Mentor

Whenever a spell or ability you control counters a spell, you may create a 1/1 blue Merfolk creature token.
Tap seven untapped Merfolk you control: Counter target spell.

Tidal Warrior

{T}: Target land becomes an Island until end of turn.

Mistcaller

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

Distant Melody

Choose a creature type. Draw a card for each permanent you control of that type.

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}.)

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.)

Scry 1. (Look at the top card of your library. You may put that card on the bottom.)
Draw a card.

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.)

Cursecatcher

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