Merfolk Spy

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Whenever Merfolk Spy deals combat damage to a player, that player reveals a card at random from their hand.

Sure-Footed Infiltrator

Tap another untapped Rogue you control: Sure-Footed Infiltrator can't be blocked this turn.
Whenever Sure-Footed Infiltrator deals combat damage to a player, draw a card.

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.

Lord of Atlantis

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

Thieving Skydiver

Kicker {X}. X can't be 0. (You may pay an additional {X} as you cast this spell.)
Flying
When Thieving Skydiver enters, if it was kicked, gain control of target artifact with mana value X or less. If that artifact is an Equipment, attach it to Thieving Skydiver.

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.)

The Sea Devils

(As this Saga enters and after your draw step, add a lore counter. Sacrifice after III.)
I, II — Create a 2/2 green Alien Salamander creature token with islandwalk. (It can't be blocked as long as defending player controls an Island.)
III — Until end of turn, whenever a Salamander deals combat damage to a player, it deals that much damage to target creature that player controls.

Tribute to the World Tree

Whenever a creature you control enters, draw a card if its power is 3 or greater. Otherwise, put two +1/+1 counters on it.

The Flood of Mars

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
Water Always Wins — Whenever The Flood of Mars attacks, put a flood counter on another target creature or land. If it's a creature, it becomes a copy of The Flood of Mars. If it's a land, it becomes an Island in addition to its other types.

Kami of Whispered Hopes

If one or more +1/+1 counters would be put on a permanent you control, that many plus one +1/+1 counters are put on that permanent instead.
{T}: Add X mana of any one color, where X is Kami of Whispered Hopes's power.

Cultivate

Search your library for up to two basic land cards, reveal those cards, put one onto the battlefield tapped and the other into your hand, then shuffle.

Singer of Swift Rivers

Flash
When Singer of Swift Rivers enters, 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.

Merfolk Looter

Xolatoyac, the Smiling Flood

Whenever Xolatoyac, the Smiling Flood enters or attacks, 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.
At the beginning of your end step, untap each permanent you control with a counter on it.

Deeproot Wayfinder

Whenever Deeproot Wayfinder deals combat damage to a player or battle, surveil 1, then you may return a land card from your graveyard to the battlefield tapped. (To surveil 1, look at the top card of your library. You may put that card 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.)

Chasm Skulker

Whenever you draw a card, put a +1/+1 counter on Chasm Skulker.
When Chasm Skulker dies, create X 1/1 blue Squid creature tokens with islandwalk, where X is the number of +1/+1 counters on Chasm Skulker. (They can't be blocked as long as defending player controls an Island.)

Scroll Thief

Whenever Scroll Thief deals combat damage to a player, draw a card.

Seafloor Oracle

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

Arixmethes, Slumbering Isle

Arixmethes, Slumbering Isle enters tapped with five slumber counters on it.
As long as Arixmethes has a slumber counter on it, it's a land. (It's not a creature.)
Whenever you cast a spell, you may remove a slumber counter from Arixmethes.
{T}: Add {G}{U}.

Stormtide Leviathan

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
All lands are Islands in addition to their other types.
Creatures without flying or islandwalk can't attack.

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.

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.

Grayscaled Gharial

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)

Kodama's Reach

Fishliver Oil

Enchant creature (Target a creature as you cast this. This card enters attached to that creature.)
Enchanted creature has islandwalk. (It can't be blocked as long as defending player controls an Island.)

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.