ZMIME
Comparison · 2 models · Updated Oct 4, 2026

Mistral Small 3.2 vs GPT-5.4 nano

GPT-5.4 nano comes out ahead, 68 to 60 on our weighted score, though Mistral Small 3.2 is 3.1× cheaper per token.

  1. Mistral AI

    Mistral Small 3.2

    Released Jun 20, 2025

    60/100
    • ECI131.7
    • Price$0.10 / $0.30
    • Context128K
    Full specs Remove Mistral Small 3.2
  2. Our pick

    OpenAI

    GPT-5.4 nano

    Released Mar 17, 2026

    68/100
    • ECI145.8
    • Price$0.20 / $1.25
    • Context400K
    Full specs Remove GPT-5.4 nano

  3. Add a model

    Make it a three-way comparison.

01 — Verdict

GPT-5.4 nano is our pick

GPT-5.4 nano is the better all-round choice, scoring 68/100 against Mistral Small 3.2 (60). It leads on capability, 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%.

  • CapabilityGPT-5.4 nanoCapabilities Index (ECI): GPT-5.4 nano 145.8 · Mistral Small 3.2 131.7
  • Lowest priceMistral Small 3.2Mistral Small 3.2 $0.15 · GPT-5.4 nano $0.463 per 1M tokens (3:1 blend)
  • Longest contextGPT-5.4 nanoGPT-5.4 nano 400,000 · Mistral Small 3.2 128,000 tokens
  • Widest inputsSame inputsMistral Small 3.2: Text, Images · GPT-5.4 nano: Text, Images
  • Self-hostingMistral Small 3.2Publishes downloadable weights
How the score is built
MeasureWeightMistral Small 3.2GPT-5.4 nano
CapabilityCapabilities Index (ECI)50%5573
Price25%8966
Inputs & features15%5070
Context window10%2444
Overall100%60/10068/100
02 — Side by side

Every spec in one table

Highlighted cells lead their row. Dashes mean the data is not published.

Mistral Small 3.2 vs GPT-5.4 nano specifications side by side
SpecificationMistral Small 3.2Mistral AIGPT-5.4 nanoOpenAI
Capability
Capabilities Index (ECI)131.7145.8 (best)
ECI rank#123 of 148#75 of 148 (best)
GPQA DiamondGraduate-level science questions49.1%78.5% (best)
FrontierMath Tiers 1–3Research-level mathematics—44.9%
OTIS Mock AIME 2024–2025Competition mathematics30.3%87.8% (best)
SimpleQA VerifiedShort factual questions—11.7%
Price per million tokens
Input$0.10 (best)$0.20
Output$0.30 (best)$1.25
Cached input—$0.02
Blended (3:1)$0.15 (best)$0.463
Long-context rateSame rateSame rate
Price sourceOfficial Mistral APIOfficial OpenAI API
Limits
Context window128,000 tokens400,000 tokens (best)
Max output16,384 tokens128,000 tokens (best)
Inputs and features
TextYesYes
ImagesYesYes
PDFsNoNo
AudioNoNo
VideoNoNo
ReasoningNoYeslow · medium · high · xhigh
Tool callingYesYes
Structured outputNoYes
Availability
WeightsOpenProprietary
API model IDmistral-small-2506gpt-5.4-nano
API providers626 (best)
ReleasedJun 20, 2025Mar 17, 2026
Knowledge cutoffMar 2025Aug 31, 2025
03 — Cost

What would a month cost?

Enter your expected volume in millions of tokens. List prices only; caching and batch discounts would lower these.

  • Mistral Small 3.2$1.60
  • GPT-5.4 nano$4.50
04 — Questions

Which should you choose?

Which is better: Mistral Small 3.2 or GPT-5.4 nano?

GPT-5.4 nano is the better all-round choice, scoring 68/100 against Mistral Small 3.2 (60). It leads on capability, 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%.

Which is cheaper, Mistral Small 3.2 or GPT-5.4 nano?

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). 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).

Which scores higher on benchmarks?

GPT-5.4 nano scores higher on the Capabilities Index (ECI): GPT-5.4 nano 145.8 (#75 of 148) and Mistral Small 3.2 131.7 (#123 of 148). Their confidence ranges do not overlap (143.2–147.7 vs 126.6–133.9), so the gap is a real one. On individual benchmarks: GPQA Diamond — GPT-5.4 nano 78.5%, Mistral Small 3.2 49.1%; OTIS Mock AIME 2024–2025 — GPT-5.4 nano 87.8%, Mistral Small 3.2 30.3%.

Which is better for coding?

There are no published SWE-bench Verified results for Mistral Small 3.2 and GPT-5.4 nano yet, so there is no like-for-like coding score. On overall capability, GPT-5.4 nano leads, which tends to carry over to coding, but test on your own codebase. Both 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 128,000 for Mistral Small 3.2. Maximum output per response: Mistral Small 3.2 up to 16,384, GPT-5.4 nano up to 128,000 tokens.

Which can read images, PDFs, audio or video?

Mistral Small 3.2 accepts text and images; GPT-5.4 nano accepts text and images. They handle the same number of input types.

Are any of these open source?

Mistral Small 3.2 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. Mistral Small 3.2 came out Jun 20, 2025. Knowledge cutoff: Mistral Small 3.2 Mar 2025, 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.

05 — Keep comparing

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