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.

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}.)

Mist Dancer

Flying
Other Merfolk you control get +1/+0 and have flying.
Encore {5}{U}{U} ({5}{U}{U}, Exile this card from your graveyard: For each opponent, create a token copy that attacks that opponent this turn if able. They gain haste. Sacrifice them at the beginning of the next end step. Activate only as a sorcery.)

Nicanzil, Current Conductor

Whenever a creature you control explores a land card, you may put a land card from your hand onto the battlefield tapped.
Whenever a creature you control explores a nonland card, put a +1/+1 counter on Nicanzil, Current Conductor.

Tatyova, Benthic Druid

Landfall — Whenever a land enters the battlefield under your control, you gain 1 life and draw a card.

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.

Herald of Secret Streams

Creatures you control with +1/+1 counters on them can't be blocked.

Hakbal of the Surging Soul

At the beginning of combat on your turn, each Merfolk creature you control explores. (Reveal the top card of your library. Put that card into your hand if it's a land. Otherwise, put a +1/+1 counter on the exploring creature, then put the card back or put it into your graveyard.)
Whenever Hakbal of the Surging Soul attacks, you may put a land card from your hand onto the battlefield. If you don't, draw a card.

Singer of Swift Rivers

Flash
When Singer of Swift Rivers enters the battlefield, put a shield counter on another target creature you control. (If it would be dealt damage or destroyed, remove a shield counter from it instead.)
You may cast Merfolk spells as though they had flash.

Zegana, Utopian Speaker

When Zegana, Utopian Speaker enters the battlefield, if you control another creature with a +1/+1 counter on it, draw a card.
{4}{G}{U}: Adapt 4. (If this creature has no +1/+1 counters on it, put four +1/+1 counters on it.)
Each creature you control with a +1/+1 counter on it has trample.

Kiora's Follower

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.

Jadelight Spelunker

When Jadelight Spelunker enters the battlefield, it explores X times. (To have it explore, reveal the top card of your library. Put that card into your hand if it's a land. Otherwise, put a +1/+1 counter on that creature, then put the card back or put it into your graveyard.)

Deepfathom Echo

At the beginning of combat on your turn, Deepfathom Echo explores. Then you may have it become a copy of another creature you control until end of turn. (To have this creature explore, reveal the top card of your library. Put that card into your hand if it's a land. Otherwise, put a +1/+1 counter on this creature, then put the card back or put it into your graveyard.)

Cold-Eyed Selkie

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Whenever Cold-Eyed Selkie deals combat damage to a player, you may draw that many cards.

Merfolk Skydiver

Flying
When Merfolk Skydiver enters the battlefield, 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.)

Tributary Instructor

Mentor (Whenever this creature attacks, put a +1/+1 counter on target attacking creature with lesser power.)
Whenever a creature you control with a +1/+1 counter on it dies, draw a card.

Merrow Reejerey

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

Seafloor Oracle

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

Deeproot Elite

Whenever another Merfolk enters the battlefield under your control, put a +1/+1 counter on target Merfolk 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.

Merfolk Mistbinder

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 Sovereign

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

Deeproot Historian

Merfolk and Druid cards in your graveyard have retrace. (You may cast cards with retrace from your graveyard by discarding a land card in addition to paying their other costs.)

Sage of Fables

Each other Wizard creature you control enters the battlefield with an additional +1/+1 counter on it.
{2}, Remove a +1/+1 counter from a creature you control: Draw a card.