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.

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.

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.)

Seafloor Oracle

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

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.

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

Spectral Deluge

Return each creature your opponents control with toughness X or less to its owner's hand, where X is the number of Islands you control.
Foretell {1}{U}{U} (During your turn, you may pay {2} and exile this card from your hand face down. Cast it on a later turn for its foretell cost.)

Merrow Reejerey

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

Vodalian Hexcatcher

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

Merfolk Sovereign

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

Sol Ring

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.)

Counterspell

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.)