This spell costs {1} less to cast for each instant and sorcery card in your graveyard.
A split card only counts once for Cryptic Serpent’s ability, even if it’s both an instant and a sorcery.
Cryptic Serpent’s ability can’t reduce its cost to less than {U}{U}.
Cryptic Serpent’s ability doesn’t change its mana cost or converted mana cost. It just reduces the cost to cast the spell.