# GM Pools

### GMX Market Pools

GMX V2 consists of 'Market' pools, which are comprised of:

* Index Price Feed: Long and short tokens will be opened/closed based on this price feed.
* Long Token: The token that 'backs' long positions.
* Short Token: The token that 'backs' short positions.

e.g. ETH/USD:

* Index Price Feed: ETH/USD.
* Long Token: ETH tokens back long positions.
* Short Token: USDC tokens back short positions.

<figure><img src="/files/XyxiESoLLtFPSCxK30bp" alt=""><figcaption><p>GMX V2 'GM' Pools</p></figcaption></figure>

### Pricing GM Tokens

The price of the GM token depends on:

* The price of the long tokens.
* The price of the short tokens.
* The net pending PnL of traders' open positions.

Fees from leverage trading and swaps will automatically increase the price of GM tokens.

***

Source: GMX Docs, [*<mark style="color:yellow;">Liquidity on V2</mark>*](https://gmx-docs.io/docs/providing-liquidity/v2/)


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