GPT-5.4 nano vs MiniMax-M2.5 vs Qwen3.5 397B-A17B
Too close to call on our weighted score (GPT-5.4 nano 68, Qwen3.5 397B-A17B 65, MiniMax-M2.5 61). The right pick depends on what you value most.
OpenAIGPT-5.4 nano
68/100- ECI145.8
- Price$0.20 / $1.25
- Context400K
MiniMaxMiniMax-M2.5
61/100- ECI146.7
- Price$0.30 / $1.20
- Context205K
Alibaba (Qwen)Qwen3.5 397B-A17B
65/100- ECI146.7
- Price$0.60 / $3.60
- Context262K
Too close to call
It is close. Our weighted score puts them within 3 points (GPT-5.4 nano 68/100, Qwen3.5 397B-A17B 65/100, MiniMax-M2.5 61/100), so choose by what matters most for your work: MiniMax-M2.5 for raw capability, GPT-5.4 nano on price and GPT-5.4 nano for long inputs. The score weighs capability 50%, price 25%, inputs & features 15%, context window 10%.
- CapabilityMiniMax-M2.5Capabilities Index (ECI): MiniMax-M2.5 146.7 · Qwen3.5 397B-A17B 146.7 · GPT-5.4 nano 145.8
- Lowest priceGPT-5.4 nanoGPT-5.4 nano $0.463 · MiniMax-M2.5 $0.525 · Qwen3.5 397B-A17B $1.35 per 1M tokens (3:1 blend)
- Longest contextGPT-5.4 nanoGPT-5.4 nano 400,000 · Qwen3.5 397B-A17B 262,144 · MiniMax-M2.5 204,800 tokens
- Widest inputsQwen3.5 397B-A17BGPT-5.4 nano: Text, Images · MiniMax-M2.5: Text · Qwen3.5 397B-A17B: Text, Images, Audio, Video
- Self-hostingMiniMax-M2.5 and Qwen3.5 397B-A17BPublishes downloadable weights
| Measure | Weight | GPT-5.4 nano | MiniMax-M2.5 | Qwen3.5 397B-A17B |
|---|---|---|---|---|
| CapabilityCapabilities Index (ECI) | 50% | 73 | 74 | 74 |
| Price | 25% | 66 | 63 | 44 |
| Inputs & features | 15% | 70 | 35 | 90 |
| Context window | 10% | 44 | 32 | 37 |
| Overall | 100% | 68/100 | 61/100 | 65/100 |
Every spec in one table
Highlighted cells lead their row. Dashes mean the data is not published.
| Specification | GPT-5.4 nanoOpenAI | MiniMax-M2.5MiniMax | Qwen3.5 397B-A17BAlibaba (Qwen) |
|---|---|---|---|
| Capability | |||
| Capabilities Index (ECI) | 145.8 | 146.7 (best) | 146.7 |
| ECI rank | #75 of 148 | #66 of 148 (best) | #67 of 148 |
| GPQA DiamondGraduate-level science questions | 78.5% | — | 86.4% (best) |
| FrontierMath Tiers 1–3Research-level mathematics | 44.9% (best) | — | 31.2% |
| OTIS Mock AIME 2024–2025Competition mathematics | 87.8% | — | 88.9% (best) |
| SimpleQA VerifiedShort factual questions | 11.7% | — | — |
| Price per million tokens | |||
| Input | $0.20 (best) | $0.30 | $0.60 |
| Output | $1.25 | $1.20 (best) | $3.60 |
| Cached input | $0.02 (best) | $0.03 | — |
| Blended (3:1) | $0.463 (best) | $0.525 | $1.35 |
| Long-context rate | Same rate | Same rate | Same rate |
| Price source | Official OpenAI API | Official MiniMax (minimax.io) API | Official Alibaba API |
| Limits | |||
| Context window | 400,000 tokens (best) | 204,800 tokens | 262,144 tokens |
| Max output | 128,000 tokens | 131,072 tokens (best) | 65,536 tokens |
| Inputs and features | |||
| Text | Yes | Yes | Yes |
| Images | Yes | No | Yes |
| PDFs | No | No | No |
| Audio | No | No | Yes |
| Video | No | No | Yes |
| Reasoning | Yeslow · medium · high · xhigh | Yes | Yes |
| Tool calling | Yes | Yes | Yes |
| Structured output | Yes | No | Yes |
| Availability | |||
| Weights | Proprietary | Open | Open |
| API model ID | gpt-5.4-nano | MiniMax-M2.5 | qwen3.5-397b-a17b |
| API providers | 26 (best) | 21 | 23 |
| Released | Mar 17, 2026 | Feb 12, 2026 | Feb 15, 2026 |
| Knowledge cutoff | Aug 31, 2025 | — | — |
What would a month cost?
Enter your expected volume in millions of tokens. List prices only; caching and batch discounts would lower these.
- GPT-5.4 nano$4.50
- MiniMax-M2.5$5.40
- Qwen3.5 397B-A17B$13.20
Which should you choose?
Which is better: GPT-5.4 nano, MiniMax-M2.5 or Qwen3.5 397B-A17B?
It is close. Our weighted score puts them within 3 points (GPT-5.4 nano 68/100, Qwen3.5 397B-A17B 65/100, MiniMax-M2.5 61/100), so choose by what matters most for your work: MiniMax-M2.5 for raw capability, GPT-5.4 nano on price and GPT-5.4 nano for long inputs. The score weighs capability 50%, price 25%, inputs & features 15%, context window 10%.
Which is cheaper, GPT-5.4 nano, MiniMax-M2.5 or Qwen3.5 397B-A17B?
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); Qwen3.5 397B-A17B costs $0.60 input / $3.60 output per million tokens (official Alibaba 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 $1.35 for Qwen3.5 397B-A17B (2.9× as much).
Which scores higher on benchmarks?
MiniMax-M2.5 scores higher on the Capabilities Index (ECI): MiniMax-M2.5 146.7 (#66 of 148), Qwen3.5 397B-A17B 146.7 (#67 of 148) and GPT-5.4 nano 145.8 (#75 of 148). The confidence ranges of the top two overlap (142.3–147.9 vs 144.8–148.2), so treat the gap as small.
Which is better for coding?
There are no published SWE-bench Verified results for GPT-5.4 nano, MiniMax-M2.5 and Qwen3.5 397B-A17B 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.
Which has the bigger context window?
GPT-5.4 nano has the largest context window at 400,000 tokens, against 262,144 for Qwen3.5 397B-A17B and 204,800 for MiniMax-M2.5. Maximum output per response: GPT-5.4 nano up to 128,000, MiniMax-M2.5 up to 131,072, Qwen3.5 397B-A17B up to 65,536 tokens.
Which can read images, PDFs, audio or video?
GPT-5.4 nano accepts text and images; MiniMax-M2.5 accepts text; Qwen3.5 397B-A17B accepts text, images, audio and video. Qwen3.5 397B-A17B handles the widest range of inputs.
Are any of these open source?
MiniMax-M2.5 and Qwen3.5 397B-A17B publishes its weights and can be self-hosted; GPT-5.4 nano is proprietary.
Which is newer?
GPT-5.4 nano is the newest, released Mar 17, 2026. Qwen3.5 397B-A17B came out Feb 15, 2026; MiniMax-M2.5 came out Feb 12, 2026. Knowledge cutoff: GPT-5.4 nano Aug 31, 2025.
How do you decide the winner?
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.
Related comparisons
- GPT-5.4 nano vs MiniMax-M2.7MiniMax · ECI 145.9
- GPT-5.4 nano vs Qwen3.6 35B-A3BAlibaba (Qwen) · ECI 143.9
- GPT-5.4 nano vs DeepSeek V3.2DeepSeek · ECI 146.3
- GPT-5.4 nano vs Nemotron 3 Ultra 550B A55BNVIDIA · ECI 146.2
- MiniMax-M2.5 vs Qwen3.5 PlusAlibaba (Qwen) · ECI 146.8
- MiniMax-M2.5 vs DeepSeek V3.2DeepSeek · ECI 146.3
