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 Waves

Protection from red
Elemental creatures you control get +1/+1.
When Master of Waves enters the battlefield, 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.)

Sol Ring

Tempest Caller

When Tempest Caller enters the battlefield, tap all creatures target opponent controls.

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.)

Dakra Mystic

{U}, {T}: Each player reveals the top card of their library. You may put the revealed cards into their owners' graveyards. If you don't, each player draws a card.

Silvergill Adept

As an additional cost to cast this spell, reveal a Merfolk card from your hand or pay {3}.
When Silvergill Adept enters the battlefield, 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.

Streambed Aquitects

{T}: Target Merfolk creature gets +1/+1 and gains islandwalk until end of turn. (It can't be blocked as long as defending player controls an Island.)
{T}: Target land becomes an Island until end of turn.

Island

Seafloor Oracle

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

Distant Melody

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

Shaper Apprentice

Shaper Apprentice has flying as long as you control another Merfolk.

Harbinger of the Tides

You may cast Harbinger of the Tides 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 Harbinger of the Tides enters the battlefield, you may return target tapped creature an opponent controls to its owner's hand.

Negate

Merfolk Trickster

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

Talrand, Sky Summoner

Whenever you cast an instant or sorcery spell, create a 2/2 blue Drake creature token with flying.

Mistcaller

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

Merrow Harbinger

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

Cursecatcher

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

Triton Shorestalker

Merrow Reejerey

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

Flow of Knowledge

Draw a card for each Island you control, then discard two cards.

Deeproot Pilgrimage

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

Mist-Cloaked Herald

Merfolk Sovereign

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

River Sneak

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

River Herald Scout

When River Herald Scout enters the battlefield, it 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 this creature, then put the card back or put it into your graveyard.)

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.)

Wake Thrasher

Whenever a permanent you control becomes untapped, Wake Thrasher gets +1/+1 until end of turn.

Lord of Atlantis

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

Counterspell

Merfolk Looter

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.)

Tidal Courier

When Tidal Courier enters the battlefield, reveal the top four cards of your library. Put all Merfolk cards revealed this way into your hand and the rest on the bottom of your library in any order.
{3}{U}: Tidal Courier gains flying until end of turn.

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.

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.

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.

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.

Wonder

Flying
As long as Wonder is in your graveyard and you control an Island, creatures you control have flying.

Library Larcenist

Whenever Library Larcenist attacks, draw a card.

Vodalian Hexcatcher

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