Have

Tishana's Tidebinder

Flash
When Tishana's Tidebinder enters, counter up to one target activated or triggered ability. If an ability of an artifact, creature, or planeswalker is countered this way, that permanent loses all abilities for as long as Tishana's Tidebinder remains on the battlefield. (Mana abilities can't be targeted.)

Dismember

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

Force of Negation

If it's not your turn, you may exile a blue card from your hand rather than pay this spell's mana cost.
Counter target noncreature spell. If that spell is countered this way, exile it instead of putting it into its owner's graveyard.

Spirebluff Canal

Spirebluff Canal enters tapped unless you control two or fewer other lands.
{T}: Add {U} or {R}.

Vodalian Hexcatcher

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

Getting

Merfolk Trickster

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

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.

Scalding Tarn

{T}, Pay 1 life, Sacrifice Scalding Tarn: Search your library for an Island or Mountain card, put it onto the battlefield, then shuffle.

Steam Vents

({T}: Add {U} or {R}.)
As Steam Vents enters, you may pay 2 life. If you don't, it enters tapped.

Flame of Anor

Choose one. If you control a Wizard as you cast this spell, you may choose two instead.
• Target player draws two cards.
• Destroy target artifact.
• Flame of Anor deals 5 damage to target creature.

Mistcaller

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

Mutavault

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

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.

Chalice of the Void

Chalice of the Void enters with X charge counters on it.
Whenever a player casts a spell with mana value equal to the number of charge counters on Chalice of the Void, counter that spell.

Cursed Totem

Activated abilities of creatures can't be activated.

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.

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.

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}.)

Island

Fiery Islet

{T}, Pay 1 life: Add {U} or {R}.
{1}, {T}, Sacrifice Fiery Islet: Draw a card.

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.)

Lord of Atlantis

Other Merfolk 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.