GPT-5.4 nano vs Mistral Small 3.2
Detailed comparison of API pricing, technical specifications, and benchmark scores. Updated 2026-07-09.
Cost at a Glance
GPT-5.4 nano is 4.5× more expensive than Mistral Small 3.2 — switching could save 77.7% on your monthly API bill.
At 5M input + 2M output tokens per month:
Choosing Mistral Small 3.2 could save you $2.72/mo
Price Comparison (per 1M tokens)
| Metric | GPT-5.4 nano | Mistral Small 3.2 |
|---|---|---|
| Input (per 1M tokens) | $0.20 | $0.07 |
| Output (per 1M tokens) | $1.25 | $0.20 |
| Cache Write (per 1M tokens) | $0.25 | — |
| Cache Read (per 1M tokens) | $0.02 | $0.01 |
| Batch Input (per 1M tokens) | $0.10 | — |
| Batch Output (per 1M tokens) | $0.63 | — |
Prices are per 1 million tokens. Actual costs depend on your monthly token volume. Use the calculator →
Specifications
| Spec | GPT-5.4 nano | Mistral Small 3.2 |
|---|---|---|
| Context Window | 400K | 128K |
| Max Output Tokens | 128K | 64K |
| Knowledge Cutoff | 2025-08 | 2025-06 |
| Modalities | Text, Image | Text, Image |
| Prompt Caching | Yes | Yes |
| Batch API | Yes | No |
| Thinking / Reasoning | Yes | No |
Benchmark Scores
| Benchmark | GPT-5.4 nano | Mistral Small 3.2 |
|---|---|---|
| SWE-bench Verified | 65.0 | — |
| MMLU-Pro | 74.0 | 68.0 |
| HumanEval | 85.0 | 85.0 |
Benchmark scores from official provider reports. Higher is better. Missing scores indicate the provider has not published that benchmark yet.
Use Cases
GPT-5.4 nano
Mistral Small 3.2
About the Providers
GPT-5.4 nano is developed by OpenAI. Mistral Small 3.2 is developed by Mistral. This is a cross-provider comparison between OpenAI and Mistral models. For the most up-to-date pricing, always check the official API documentation from each provider.