> For the complete documentation index, see [llms.txt](https://docs.mozaic.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.mozaic.finance/vaults/theseus-vault/gm-pools.md).

# 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/)