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.

Dismember

({B/P} can be paid with either {B} or 2 life.)
Target creature gets -5/-5 until end of turn.

Kira, Great Glass-Spinner

Flying
Creatures you control have "Whenever this creature becomes the target of a spell or ability for the first time each turn, counter that spell or ability."

Island

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

Merfolk Trickster

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

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.

Subtlety

Flash
Flying
When Subtlety enters, choose up to one target creature spell or planeswalker spell. Its owner puts it on their choice of the top or bottom of their library.
Evoke—Exile a blue card from your hand.

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.)

Otawara, Soaring City

{T}: Add {U}.
Channel — {3}{U}, Discard Otawara, Soaring City: Return target artifact, creature, enchantment, or planeswalker to its owner's hand. This ability costs {1} less to activate for each legendary creature you control.

Aether Vial

At the beginning of your upkeep, you may put a charge counter on Aether Vial.
{T}: You may put a creature card with mana value equal to the number of charge counters on Aether Vial from your hand onto the battlefield.

Vodalian Hexcatcher

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

Mutavault

{T}: Add {C}.
{1}: Mutavault becomes a 2/2 creature with all creature types until end of turn. It's still a land.

Lord of Atlantis

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

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}.)