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

Branching Evolution

If one or more +1/+1 counters would be put on a creature you control, twice that many +1/+1 counters are put on that creature instead.

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.

Kindred Discovery

As Kindred Discovery enters, choose a creature type.
Whenever a creature you control of the chosen type enters or attacks, draw a card.

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.)

Hardened Scales

If one or more +1/+1 counters would be put on a creature you control, that many plus one +1/+1 counters are put on it instead.

Forest

Lord of Atlantis

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

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.

Merfolk Cave-Diver

Whenever a creature you control explores, Merfolk Cave-Diver gets +1/+0 until end of turn and can't be blocked this turn.

Beast Within

Destroy target permanent. Its controller creates a 3/3 green Beast creature token.

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.

Herald of Secret Streams

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

Deeproot Pilgrimage

Whenever one or more nontoken Merfolk you control become tapped, create a 1/1 blue Merfolk creature token with hexproof.

Ripples of Potential

Proliferate, then choose any number of permanents you control that had a counter put on them this way. Those permanents phase out. (To proliferate, choose any number of permanents and/or players, then give each another counter of each kind already there. Treat phased-out permanents and anything attached to them as though they don't exist until their controller's next turn.)

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.