Adapting a definition given by Bjerkevik and Lesnick for multiparameter persistence modules, we introduce an $\ell^p$-type extension of the interleaving distance on merge trees. We show that our distance is a metric, and that it upper-bounds the $p$-Wasserstein distance between the associated barcodes. For each $p\in[1,\infty]$, we prove that this distance is stable with respect to cellular sublevel filtrations and that it is the universal (i.e., largest) distance satisfying this stability property. In the $p=\infty$ case, this gives a novel proof of universality for the interleaving distance on merge trees.