GPT-5.4 nano vs MiniMax-M2.7 vs Mistral Small 3.2

GPT-5.4 nano is the better all-round choice, scoring 68/100 against MiniMax-M2.7 (61) and Mistral Small 3.2 (60). It leads on inputs & features and context window. Mistral Small 3.2 wins on price. The score weighs capability 50%, price 25%, inputs & features 15%, context window 10%.

Mistral Small 3.2 is cheaper at $0.10 input / $0.30 output per million tokens (official Mistral API price). GPT-5.4 nano costs $0.20 input / $1.25 output per million tokens (official OpenAI API price); MiniMax-M2.7 costs $0.30 input / $1.20 output per million tokens (official MiniMax (minimax.io) API price). At a typical mix of three input tokens to one output token, that is $0.15 per million tokens for Mistral Small 3.2 versus $0.463 for GPT-5.4 nano (3.1× as much) and $0.525 for MiniMax-M2.7 (3.5× as much).

MiniMax-M2.7 scores higher on the Capabilities Index (ECI): MiniMax-M2.7 145.9 (#73 of 148), GPT-5.4 nano 145.8 (#75 of 148) and Mistral Small 3.2 131.7 (#123 of 148). The confidence ranges of the top two overlap (138.2–148.0 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-M2.7 and Mistral Small 3.2 yet, so there is no like-for-like coding score. On overall capability, MiniMax-M2.7 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-M2.7 and 128,000 for Mistral Small 3.2. Maximum output per response: GPT-5.4 nano up to 128,000, MiniMax-M2.7 up to 131,072, Mistral Small 3.2 up to 16,384 tokens.

GPT-5.4 nano accepts text and images; MiniMax-M2.7 accepts text; Mistral Small 3.2 accepts text and images. GPT-5.4 nano handles the widest range of inputs.

MiniMax-M2.7 and Mistral Small 3.2 publishes its weights and can be self-hosted; GPT-5.4 nano is proprietary.

MiniMax-M2.7 is the newest, released Mar 18, 2026. GPT-5.4 nano came out Mar 17, 2026; Mistral Small 3.2 came out Jun 20, 2025. Knowledge cutoff: GPT-5.4 nano Aug 31, 2025, Mistral Small 3.2 Mar 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.