We have constructed a systematic low-energy effective theory for hole-and electron-doped antiferromagnets, where holes reside in momentum space pockets centered at (± π 2a , ± π 2a ) and where electrons live in pockets centered at ( π a , 0) or (0, π a ). The effective theory is used to investigate the magnon-mediated binding between two holes or two electrons in an otherwise undoped system. We derive the one-magnon exchange potential from the effective theory and then solve the corresponding two-quasiparticle Schrödinger equation. As a result, we find bound state wave functions that resemble d x 2 −y 2 -like or dxy-like symmetry. We also study possible ground states of lightly doped antiferromagnets.