Reef squids, as their name implies, are typically found on or near reefs. Their streamlined bodies and large fins help them move easily through the water, and occasionally out of the water as well! History: Reef squids are members of the pencil squid family that are found throughout the Caribbean and off the coast of Florida. Their ability to propel themselves out of the water and fly for distances of up to 33 feet was not discovered until 2001. These squids are exceptional at changing their body color and can use this ability to communicate with other squids. Scientific Name:Â Sepioteuthis sepioidea Characteristics:Â Reef squid have short tentacles and fins that run down the entire length of the mantle. This helps them maneuver and even lets them leap out of the water and fly over short distances. These hand-painted mini figurines may be tiny but they feature all the tentacle-y detail you'd ever want.