Avg blended cost · $/M tokens

$1.89/M tokens

Four price cuts in a week; the index falls to $1.89.

Track what's moving frontier AI costs.

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YoY↑60.4%
MoM↓11.3%
Input$1.97
Output$9.24
Members25
Providers11

TPI — Avg blended cost over time

Jan 26Apr 26May 26Jun 26Jun 26Jul 26Aug 26Aug 26Sep 26Oct 26Oct 26$1.2$1.6$2.0$2.4$2.8$/M tokens
TPI average (geometric mean)
Tap any point to see index events

TPI movements reflect the real cost of accessing frontier AI — rising as more capable models define the market, falling as cheaper alternatives gain traction.

Weekly pricing news

Updated October 30, 2026
PRICING

GPT-6.1 Terra replaces GPT-5.6 Terra at less than half the price

OpenAI's mid-tier successor costs $1/$5 against $2/$12, and outscores it.

PRICING

Mistral halves Large 4 as its weights go public

The API price fell to $0.70/$2.10 alongside the open-weights release, at half its list price a week ago.

COMPOSITION

Kimi and Qwen successors arrive cheaper

Kimi K3.1 Pro replaces K3 at a third less, and Qwen 3.7 Plus replaces 3.6 Plus at under two thirds of the price.

Claude Haiku 5.5$0.220
GPT-6 Luna$0.220
GLM-5.3-Flash$0.255
MiniMax M3.1 Flash$0.285
DeepSeek V4.1 Flash$0.285
MiniMax M3$0.570
Qwen 3.7 Plus$0.760
DeepSeek V4-Pro$1.056
Mistral Large 4$1.120
Gemini 3.8 Flash$1.650
GPT-5.4 Mini$1.875
Muse Spark 1.3$2.150
GPT-6.1 Terra$2.200
GLM-5.3$2.300
Grok 4.7$3.200
Qwen 3.8 Max$3.200
Mistral Medium 3.5$3.300
Kimi K3.1 Pro$4.400
Gemini 4 Argon$4.400
GPT-6.1 Sol$4.400
Claude Sonnet 5.5$4.400
Muse Wonder$8.800
Claude Opus 5.5$8.800
GPT-6 Astra$22.000
Claude Fable 5.1$22.000
Claude Haiku 5.5$0.220
GPT-6 Luna$0.220
GLM-5.3-Flash$0.255
MiniMax M3.1 Flash$0.285
DeepSeek V4.1 Flash$0.285
MiniMax M3$0.570
Qwen 3.7 Plus$0.760
DeepSeek V4-Pro$1.056
Mistral Large 4$1.120
Gemini 3.8 Flash$1.650
GPT-5.4 Mini$1.875
Muse Spark 1.3$2.150
GPT-6.1 Terra$2.200
GLM-5.3$2.300
Grok 4.7$3.200
Qwen 3.8 Max$3.200
Mistral Medium 3.5$3.300
Kimi K3.1 Pro$4.400
Gemini 4 Argon$4.400
GPT-6.1 Sol$4.400
Claude Sonnet 5.5$4.400
Muse Wonder$8.800
Claude Opus 5.5$8.800
GPT-6 Astra$22.000
Claude Fable 5.1$22.000

From the newsletter

OCT25

25 Oct 2026

TPI at $1.97: three endgames for the AI price war

The price of intelligence won't fall forever. What stops it, and what happens next?

OCT9

9 Oct 2026

TPI at $1.94: a multi-week downtrend

The index has fallen 19.5% since 11 September. The top is unchanged; everything beneath it is getting cheaper.

SEP25

25 Sept 2026

TPI down to $2.13: OpenAI takes the price floor

A Western model is the cheapest in the basket for the first time, in a week of cuts from OpenAI and Anthropic.

SEP21

21 Sept 2026

TPI at $2.32: the floor changes hands

For the first time, DeepSeek doesn't sell the cheapest model in the basket.

SEP7

7 Sept 2026

TPI holds at $2.34: Four new models, same token prices…but is it the same cost?

The Token Price Index finished the week at $2.34, unchanged despite four major model releases.

AUG28

28 Aug 2026

TPI at $2.34: the cheapest token is the one that can wait

DeepSeek prices by the clock, and the single list price stops being the unit of the market.

AUG14

14 Aug 2026

TPI falls to $2.21, but on Monday its floor nearly doubles

DeepSeek's price rise lands Monday, and the cheapest model in the basket nearly doubles.

JUL31

31 Jul 2026

OpenAI cuts, Opus 5 climbs: TPI falls to $2.24

One company's price cuts did all of it.

JUL17

17 Jul 2026

Kimi K3 lands: TPI rises to $2.62

Moonshot finally priced like one.

JUL10

10 Jul 2026

GPT-5.6 & Grok 4.5 land: TPI rises to $2.47

The cheap one raised the price.

JUL3

3 Jul 2026

Return of the Fable: TPI rises to $2.39

The most expensive frontier model returned, and the index moved with it.

JUN26

26 Jun 2026

Now OpenAI is waiting on Washington, too

The government is now shaping frontier release timing.

JUN19

19 Jun 2026

Third-best you can buy, at a fifth of the price

The third-best model you can buy is now open-weights.

JUN12

12 Jun 2026

Fable 5 is a bet on what the frontier is worth paying for.

Fable 5 enters at $22 blended, double Opus, lifting the index 12.3% in a week.

JUN5

5 Jun 2026

Opus got better. The price didn’t move.

Opus 4.8 costs exactly what Opus 4.7 did. A capability bump at a flat price.

MAY29

29 May 2026

Frontier AI just got cheaper. And more expensive.

Google tripled Fast tier pricing and the index crossed $2 for the first time.

MAY25

25 May 2026

Google tripled Fast tier pricing - TPI crosses $2

The cheapest frontier model costs $0.57. The most expensive costs $12.50.

Weekly index analysis, free. and never miss a move.

Model Positioning Map

Price vs capability tier across all TPI index members. Compare models in detail →

Fast — speed & costMid — balancedFrontier — highest capability

$0.25$0.5$1$2.5$5$10Blended $/M tokens (log scale)FastMidFrontierTPI avg
Mistral
OpenAI
MoonshotAI
MiniMax
Google
Meta
Anthropic
xAI
DeepSeek
Z.ai
Qwen

Floor and ceiling

How the gap between the cheapest and most expensive index members has evolved through 2026. Compare models in detail →

Models in index
Floor-to-ceiling multiplier (×)

Models in index = number of AI models tracked. Multiplier = ratio of the most expensive blended price to the cheapest.

Cost Per Task

Costs calculated at TPI average · Input $1.97/M · Output $9.24/M · Use the Simulator to model your specific workload.

~600 tokens

Email summary

Summarize a typical business email

$0.0019

↳ 500 in / 100 out tokens

~1,700 tokens

Blog post

Generate a 1000-word blog article

$0.0132

↳ 340 in / 1,360 out tokens

~4,000 tokens

Code review

Review 200 lines of code

$0.0137

↳ 3,200 in / 800 out tokens

~2,500 tokens

Chat conversation

Average multi-turn chat session

$0.0122

↳ 1,500 in / 1,000 out tokens

~1,700 tokens

SQL generation

Generate SQL from natural language

$0.0095

↳ 850 in / 850 out tokens

~3,500 tokens

RAG query

Answer a question using retrieved context

$0.0105

↳ 3,000 in / 500 out tokens

Token counts shown are upper-end estimates for typical production workloads. Actual usage varies by prompt structure, context size, and use case.

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Data updated October 30, 2026 · About · hello@tokenpriceindex.com · © 2024–2026 Token Price Index

Costs calculated at TPI average · Use the Simulator to model your specific usage