Dismember

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

Mutavault

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

Harbinger of the Seas

Flare of Denial

You may sacrifice a nontoken blue creature rather than pay this spell's mana cost.
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.)

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.

Mishra's Bauble

{T}, Sacrifice Mishra's Bauble: Look at the top card of target player's library. Draw a card at the beginning of the next turn's upkeep.

Merrow Reejerey

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

Soporific Springs

As Soporific Springs enters, you may pay 3 life. If you don't, it enters tapped.
{T}: Add {U}.

Sink into Stupor

Return target spell or nonland permanent an opponent controls to its owner's hand.

Sink into Stupor // Soporific Springs

Cavern of Souls

As Cavern of Souls enters, choose a creature type.
{T}: Add {C}.
{T}: Add one mana of any color. Spend this mana only to cast a creature spell of the chosen type, and that spell can't be countered.

Pact of Negation

Counter target spell.
At the beginning of your next upkeep, pay {3}{U}{U}. If you don't, you lose the game.

Shoreline Scout

When Shoreline Scout enters the battlefield, you may exile a Merfolk card or a land card from your hand. If you do, conjure a card named Tropical Island into your hand.
As long as another Merfolk or an Island entered the battlefield under your control this turn, Shoreline Scout gets +1/+0.

Vodalian Hexcatcher

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

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.