GPT-5.4 nano vs MiniMax-M2.5 vs Mistral Medium 3

GPT-5.4 nano is the better all-round choice, scoring 68/100 against MiniMax-M2.5 (61) and Mistral Medium 3 (53). It leads on price, inputs & features and context window. The score weighs capability 50%, price 25%, inputs & features 15%, context window 10%.

GPT-5.4 nano is cheaper at $0.20 input / $1.25 output per million tokens (official OpenAI API price). MiniMax-M2.5 costs $0.30 input / $1.20 output per million tokens (official MiniMax (minimax.io) API price); Mistral Medium 3 costs $0.40 input / $2.00 output per million tokens (official Mistral API price). At a typical mix of three input tokens to one output token, that is $0.463 per million tokens for GPT-5.4 nano versus $0.525 for MiniMax-M2.5 (1.1× as much) and $0.80 for Mistral Medium 3 (1.7× as much).

MiniMax-M2.5 scores higher on the Capabilities Index (ECI): MiniMax-M2.5 146.7 (#66 of 148), GPT-5.4 nano 145.8 (#75 of 148) and Mistral Medium 3 134.1 (#117 of 148). The confidence ranges of the top two overlap (142.3–147.9 vs 143.2–147.7), so treat the gap as small.

There are no published SWE-bench Verified results for GPT-5.4 nano, MiniMax-M2.5 and Mistral Medium 3 yet, so there is no like-for-like coding score. On overall capability, MiniMax-M2.5 leads, which tends to carry over to coding, but test on your own codebase. All three support tool calling for agent workflows.

GPT-5.4 nano has the largest context window at 400,000 tokens, against 204,800 for MiniMax-M2.5 and 131,072 for Mistral Medium 3. Maximum output per response: GPT-5.4 nano up to 128,000, MiniMax-M2.5 up to 131,072, Mistral Medium 3 up to 131,072 tokens.

GPT-5.4 nano accepts text and images; MiniMax-M2.5 accepts text; Mistral Medium 3 accepts text and images. GPT-5.4 nano handles the widest range of inputs.

MiniMax-M2.5 publishes its weights and can be self-hosted; GPT-5.4 nano and Mistral Medium 3 is proprietary.

GPT-5.4 nano is the newest, released Mar 17, 2026. MiniMax-M2.5 came out Feb 12, 2026; Mistral Medium 3 came out May 7, 2025. Knowledge cutoff: GPT-5.4 nano Aug 31, 2025, Mistral Medium 3 May 2025.

Each model gets a 0–100 score on capability (50%, independent benchmark results); price (25%, blended price per million tokens (3 input : 1 output), log scale); inputs & features (15%, image, PDF, audio and video input, tool calling, structured output and reasoning); context window (10%, maximum tokens per request, log scale). Dimensions missing for any model are dropped and the remaining weights rescaled, so every model is judged on the same evidence. Specs and prices come from public model listings and the labs’ own API pages; capability scores come from independent benchmark runs. Data updated Oct 4, 2026.