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.

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.)

Shadowspear

Equipped creature gets +1/+1 and has trample and lifelink.
{1}: Permanents your opponents control lose hexproof and indestructible until end of turn.
Equip {2}

Surgespanner

Whenever Surgespanner becomes tapped, you may pay {1}{U}. If you do, return target permanent to its owner's hand.

Merfolk Sovereign

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

Merfolk Trickster

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

Snow-Covered Island

Venture Deeper

Target player mills four cards. (Then exile this card. You may cast the creature later from exile.)

Merfolk Secretkeeper

Merfolk Secretkeeper // Venture Deeper

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.

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.

Drowner Initiate

Whenever a player casts a blue spell, you may pay {1}. If you do, target player mills two cards.

Thada Adel, Acquisitor

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Whenever Thada Adel, Acquisitor deals combat damage to a player, search that player's library for an artifact card and exile it. Then that player shuffles. Until end of turn, you may play that card.

Snow-Covered Forest

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 Commerce

At the beginning of your end step, untap all Merfolk you control.

Erayo's Essence

Whenever an opponent casts their first spell each turn, counter that spell.

Erayo, Soratami Ascendant

Flying
Whenever the fourth spell of a turn is cast, flip Erayo, Soratami Ascendant.

Erayo, Soratami Ascendant // Erayo's Essence

Sigil Tracer

{1}{U}, Tap two untapped Wizards you control: Copy target instant or sorcery spell. You may choose new targets for the copy.

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.

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.