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.)

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.)

Nicanzil, Current Conductor

Whenever a creature you control explores a land card, you may put a land card from your hand onto the battlefield tapped.
Whenever a creature you control explores a nonland card, put a +1/+1 counter on Nicanzil, Current Conductor.

Kumena, Tyrant of Orazca

Tap another untapped Merfolk you control: Kumena, Tyrant of Orazca can't be blocked this turn.
Tap three untapped Merfolk you control: Draw a card.
Tap five untapped Merfolk you control: Put a +1/+1 counter on each Merfolk you control.

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 Reejerey

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

Wave Goodbye

Return each creature without a +1/+1 counter on it to its owner's hand.

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.

Herald of Secret Streams

Creatures you control with +1/+1 counters on them can't be blocked.

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.

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.

Deeproot Elite

Whenever another Merfolk you control enters, put a +1/+1 counter on target Merfolk you control.

Ripples of Potential

Proliferate, then choose any number of permanents you control that had a counter put on them this way. Those permanents phase out. (To proliferate, choose any number of permanents and/or players, then give each another counter of each kind already there. Treat phased-out permanents and anything attached to them as though they don't exist until their controller's next turn.)

Seafloor Oracle

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

Topography Tracker

When Topography Tracker enters, create a Map token. (It's an artifact with "{1}, {T}, Sacrifice this artifact: Target creature you control explores. Activate only as a sorcery.")
If a creature you control would explore, instead it explores, then it explores again.

Hardened Scales

If one or more +1/+1 counters would be put on a creature you control, that many plus one +1/+1 counters are put on it instead.

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 Sovereign

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

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}.)

Tatyova, Benthic Druid

Landfall — Whenever a land you control enters, you gain 1 life and 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.

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.