Setting aside the magical, unexplainable aspects of Felarya, if there were bodies of water that extended that far downward (provided that gravity is the same or is almost similar to Earth's), not only would some source of light and/or heat need to exist (hydrothermal vents), but also a source of food (chemosynthetic bacteria).
So let's say that all that is in play and that there are hydrothermal vent communities thriving in the abyssopelagic zones of Felaryan seas; could something (a mermaid) venture downward towards this high pressure, dark, and very harsh environment and become larger? Unfortunately, I'd say no — given that Earth-like characteristics are in play. If anything, they'd get smaller — a lot smaller. If a creature was so incredibly adaptive that they could either:
a) Quickly travel to the abyssal zone of a body of water and withstand ridiculous increases in pressure and rapid decrease in temperature, or—
b) Gradually travel downward to negate sudden environmental changes likely to cause death, and slowly adapt to the changes regardless of how extreme they are,
Then sure, a creature could travel to that kind of area from the surface of the ocean. But like I said earlier, even if this were possible — and I wouldn't even assume that it isn't in Felarya — then the increase in pressure would actually add tremendous amounts of weight on each molecule of the said creature, essentially forcing it to shrink.
As for going the other way (from abyssopelagic/hadalpelagic to epipelagic), then the creature would have to be able to sustain similar but still extreme alterations in environment as mentioned above (rapid decrease in temperature from leaving heat source, decrease in pressure). If they could avoid the painful and life-threatening effects of caisson disease naturally, then maybe they'd actually grow. Although, physics play a role in the shrinking/growing aspects of each method, so I'd not count on much of a change in appearance.
*high-fives marine biology teacher*