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MODEL LEDGER
The Wang Report · AI Desk · Hong Kong

The table a procurement or platform team needs and nobody keeps: 36 frontier and leading open models with what each costs per million tokens, how much context it holds, what it accepts, whether its weights are open, the Artificial Analysis capability indices where they are published, and the routes a firm can run it on. Prices and context from OpenRouter's public catalogue of 243 models, refreshed daily (last Oct 28). Hosting routes are verified at the vendor level only; region availability in Hong Kong and Singapore and contractual terms are not asserted here.

Changed This Week
Oct 28
Price change: Tencent Hunyuan Hy3
from $0.13 / $0.53 to $0.08 / $0.33 per million tokens
Oct 28
Price change: Moonshot (Kimi) Kimi K3
from $0.18 / $20 to $0.2 / $20 per million tokens
Oct 28
Price change: Tencent Hunyuan Hy4 preview
from $0.83 / $2.5 to $0.75 / $2.25 per million tokens
Oct 28
Price change: DeepSeek DeepSeek V4.1 Flash 1017
from $0.3 / $1.2 to $0.15 / $0.6 per million tokens
Oct 28
New: OpenAI GPT-6.1 Terra Pro
released Oct 26
Oct 27
Price change: Moonshot (Kimi) Kimi K2.7 Code
from $0.67 / $3.35 to $0.56 / $3.1 per million tokens
Oct 27
Price change: Tencent Hunyuan Hy3
from $0.08 / $0.33 to $0.13 / $0.53 per million tokens
Oct 27
Price change: Moonshot (Kimi) Kimi K3
from $0.15 / $20 to $0.18 / $20 per million tokens
Oct 27
Price change: Tencent Hunyuan Hy4 preview
from $0.75 / $2.25 to $0.83 / $2.5 per million tokens
Oct 27
Price change: DeepSeek DeepSeek V4.1 Flash
from $0.05 / $0.19 to $0.14 / $0.42 per million tokens
Oct 27
Price change: DeepSeek DeepSeek V4.1 Flash 1017
from $0.15 / $0.6 to $0.3 / $1.2 per million tokens
Oct 27
Price change: Moonshot (Kimi) Kimi K3
from $0.24 / $10.8 to $0.15 / $20 per million tokens
Oct 27
Price change: DeepSeek DeepSeek V4.1 Flash
from $0.02 / $1 to $0.05 / $0.19 per million tokens
Oct 27
New: OpenAI GPT-6.1 Terra
released Oct 26
Oct 25
Price change: DeepSeek DeepSeek V4.1 Flash
from $0.3 / $1.2 to $0.02 / $1 per million tokens
Oct 24
Price change: Moonshot (Kimi) Kimi K3
from $0.24 / $11.94 to $0.24 / $10.8 per million tokens
Oct 24
Price change: Zhipu (GLM) GLM 5.3 Flash
from $0.01 / $0.2 to $0.15 / $0.5 per million tokens
Oct 24
New: Moonshot (Kimi) Kimi K3.1 Pro
released Oct 23
Oct 23
Price change: Zhipu (GLM) GLM 5.3 Flash
from $0.15 / $0.5 to $0.01 / $0.2 per million tokens
Oct 23
Price change: DeepSeek DeepSeek V4.1 Flash
from $0.03 / $0.14 to $0.3 / $1.2 per million tokens
Oct 23
New: MiniMax MiniMax M3.1 Flash
released Oct 19
Oct 22
Price change: Zhipu (GLM) GLM 5.3 Flash
from $0.05 / $0.12 to $0.15 / $0.5 per million tokens
Oct 22
Price change: DeepSeek DeepSeek V4.1 Flash
from $0.03 / $0.12 to $0.03 / $0.14 per million tokens
Oct 21
Price change: Zhipu (GLM) GLM 5.3 Flash
from $0.05 / $0.16 to $0.05 / $0.12 per million tokens
Oct 21
Price change: DeepSeek DeepSeek V4.1 Flash
from $0.04 / $0.01 to $0.03 / $0.12 per million tokens
Oct 21
Price change: Mistral Mistral Large 4
from $0.68 / $2.09 to $1.36 / $4.18 per million tokens
OpenAI
Oct 26
GPT-6.1 Terra Pro
released Oct 26 · 1.1M ctx · 128k max output · file, image, text in · tool use
$1 in / $5 out per million tokens · $0.05 cached input
hosted only · no published index
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Oct 26
GPT-6.1 Terra
released Oct 26 · 1.1M ctx · 128k max output · file, image, text in · tool use
$1 in / $5 out per million tokens · $0.05 cached input
hosted only · Artificial Analysis: intelligence 48.1, coding n/a, agentic n/a
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Sep 29
GPT-6.1 Sol Pro
released Sep 29 · 1.1M ctx · 128k max output · file, image, text in · tool use
$2 in / $10 out per million tokens · $0.1 cached input
hosted only · no published index
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Sep 29
GPT-6.1 Sol
released Sep 29 · 1.1M ctx · 128k max output · file, image, text in · tool use
$2 in / $10 out per million tokens · $0.1 cached input
hosted only · Artificial Analysis: intelligence 51.8, coding n/a, agentic n/a
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Sep 22
GPT-6 Sol
released Sep 22 · 1.1M ctx · 128k max output · file, image, text in · tool use
$2 in / $10 out per million tokens · $0.2 cached input
hosted only · Artificial Analysis: intelligence 47.6, coding n/a, agentic n/a
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Sep 4
GPT-6 Astra
released Sep 4 · 1.1M ctx · 128k max output · file, image, text in · tool use
$10 in / $50 out per million tokens · $1 cached input
hosted only · Artificial Analysis: intelligence 52.7, coding 76.9, agentic 51
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Jul 9
GPT-5.6 Sol
released Jul 9 · 1.1M ctx · 128k max output · file, image, text in · tool use
$4 in / $20 out per million tokens · $0.4 cached input
hosted only · Artificial Analysis: intelligence 47, coding 77.4, agentic 50.2
Runs on: Direct API, Microsoft Azure · hosted only (open-weight gpt-oss models excepted)
Moonshot (Kimi)
Oct 23
Kimi K3.1 Pro
released Oct 23 · 1M ctx · 944k max output · text, image, video in · tool use
$2 in / $10 out per million tokens · $0.2 cached input
hosted only · Artificial Analysis: intelligence 55.1, coding n/a, agentic n/a
Runs on: Direct API, self-host (open weights) · open weights
Jul 16
Kimi K3
released Jul 16 · 1M ctx · 944k max output · text, image, video in · tool use
$0.2 in / $20 out per million tokens · $0.19 cached input
open weights (moonshotai/Kimi-K3) · Artificial Analysis: intelligence 43.6, coding 76.2, agentic 50
Runs on: Direct API, self-host (open weights) · open weights
MiniMax
Oct 19
MiniMax M3.1 Flash
released Oct 19 · 1M ctx · 524k max output · text, image, video in · tool use
$0.15 in / $0.6 out per million tokens · $0.02 cached input
open weights (MiniMaxAI/MiniMax-M3.1-Flash) · Artificial Analysis: intelligence 42.7, coding n/a, agentic n/a
Runs on: Direct API, self-host (open weights) · open weights
DeepSeek
Oct 17
DeepSeek V4.1 Flash 1017
released Oct 17 · 1M ctx · 393k max output · text, image in · tool use
$0.15 in / $0.6 out per million tokens · $0 cached input
open weights (deepseek-ai/DeepSeek-V4.1-Flash-1017) · Artificial Analysis: intelligence 39.5, coding n/a, agentic n/a
Runs on: Direct API, self-host (open weights), cloud marketplaces · open weights
Sep 10
DeepSeek V4.1 Flash
released Sep 10 · 1M ctx · 131k max output · text, image in · tool use
$0.14 in / $0.42 out per million tokens · $0 cached input
open weights (deepseek-ai/DeepSeek-V4.1-Flash) · Artificial Analysis: intelligence 24.7, coding n/a, agentic n/a
Runs on: Direct API, self-host (open weights), cloud marketplaces · open weights
Aug 21
DeepSeek V4 Flash Vision Exp
released Aug 21 · 1M ctx · 262k max output · text, image in · tool use
$0.22 in / $0.65 out per million tokens · $0.01 cached input
open weights (deepseek-ai/DeepSeek-V4-Flash-Vision-Exp) · Artificial Analysis: intelligence 34.8, coding 65, agentic 47.5
Runs on: Direct API, self-host (open weights), cloud marketplaces · open weights
Google
Oct 13
Gemini 4 Argon
released Oct 13 · 1M ctx · 944k max output · audio, file, image, text, video in · tool use
$2 in / $10 out per million tokens · $0.1 cached input
hosted only · Artificial Analysis: intelligence 52.6, coding n/a, agentic n/a
Runs on: Gemini API, Google Vertex AI · hosted only (Gemma open weights excepted)
Sep 2
Gemini 3.8 Flash
released Sep 2 · 1M ctx · 66k max output · text, image, video, file, audio in · tool use
$0.83 in / $4.13 out per million tokens · $0.08 cached input
hosted only · Artificial Analysis: intelligence 40.9, coding 76.3, agentic 40.2
Runs on: Gemini API, Google Vertex AI · hosted only (Gemma open weights excepted)
Aug 13
Gemini 3.7 Flash
released Aug 13 · 1M ctx · 66k max output · text, image, video, file, audio in · tool use
$0.75 in / $3.75 out per million tokens · $0.08 cached input
hosted only · Artificial Analysis: intelligence 39.6, coding 71.5, agentic n/a
Runs on: Gemini API, Google Vertex AI · hosted only (Gemma open weights excepted)
Anthropic
Oct 7
Claude Haiku 5.5
released Oct 7 · 1M ctx · 128k max output · text, image, file in · tool use
$0.1 in / $0.5 out per million tokens · $0.01 cached input
hosted only · Artificial Analysis: intelligence 43.4, coding n/a, agentic n/a
Runs on: Direct API, Amazon Bedrock, Google Vertex AI · hosted only
Sep 28
Claude Sonnet 5.5
released Sep 28 · 1M ctx · 128k max output · text, image, file in · tool use
$2 in / $10 out per million tokens · $0.1 cached input
hosted only · Artificial Analysis: intelligence 56, coding n/a, agentic n/a
Runs on: Direct API, Amazon Bedrock, Google Vertex AI · hosted only
Sep 22
Claude Opus 5.5
released Sep 22 · 1M ctx · 128k max output · text, image, file in · tool use
$4 in / $20 out per million tokens · $0.2 cached input
hosted only · Artificial Analysis: intelligence 57.6, coding n/a, agentic n/a
Runs on: Direct API, Amazon Bedrock, Google Vertex AI · hosted only
Sep 1
Claude Fable 5.1
released Sep 1 · 1M ctx · 128k max output · text, image, file in · tool use
$10 in / $50 out per million tokens · $0.25 cached input
hosted only · Artificial Analysis: intelligence 53.4, coding 81.6, agentic 57.9
Runs on: Direct API, Amazon Bedrock, Google Vertex AI · hosted only
Jul 24
Claude Opus 5
released Jul 24 · 1M ctx · 128k max output · text, image, file in · tool use
$5 in / $25 out per million tokens · $0.5 cached input
hosted only · Artificial Analysis: intelligence 50.8, coding 78, agentic 56.5
Runs on: Direct API, Amazon Bedrock, Google Vertex AI · hosted only
Mistral
Oct 6
Mistral Large 4
released Oct 6 · 1M ctx · 262k max output · text, image in · tool use
$1.36 in / $4.18 out per million tokens · $0.14 cached input
hosted only · Artificial Analysis: intelligence 38.4, coding n/a, agentic n/a
Runs on: Direct API, Amazon Bedrock, Microsoft Azure, self-host (open-weight models) · mixed
Zhipu (GLM)
Sep 23
GLM 5.3 Prime
released Sep 23 · 1M ctx · 131k max output · text in · tool use
$2.8 in / $8.8 out per million tokens · $0.56 cached input
hosted only · no published index
Runs on: Direct API, self-host (open weights) · open weights
Sep 18
GLM 5.3 FlashX
released Sep 18 · 1M ctx · 131k max output · text, image, video in · tool use
$0.37 in / $1.25 out per million tokens · $0.09 cached input
hosted only · no published index
Runs on: Direct API, self-host (open weights) · open weights
Aug 26
GLM 5.3 Flash
released Aug 26 · 1M ctx · 944k max output · text, image, video in · tool use
$0.15 in / $0.5 out per million tokens · $0.03 cached input
open weights (zai-org/GLM-5.3-Flash) · Artificial Analysis: intelligence 41.8, coding 71.5, agentic 50.9
Runs on: Direct API, self-host (open weights) · open weights
Alibaba Qwen
Sep 23
Qwen3.8 Max Prime
released Sep 23 · 1M ctx · 131k max output · text, image, video in · tool use
$4 in / $12 out per million tokens · $0.5 cached input
hosted only · no published index
Runs on: Alibaba Cloud Model Studio, self-host (open weights, most sizes) · mostly open weights
Sep 21
Qwen3.8 Omni Flash
released Sep 21 · 1M ctx · 131k max output · text, image, audio, video in · tool use
$0.15 in / $0.47 out per million tokens · $0.02 cached input
hosted only · no published index
Runs on: Alibaba Cloud Model Studio, self-host (open weights, most sizes) · mostly open weights
Sep 3
Qwen3.8 Max (0902)
released Sep 3 · 1M ctx · 131k max output · text, image, video in · tool use
$2 in / $6 out per million tokens · $0.25 cached input
hosted only · Artificial Analysis: intelligence 45.4, coding 76.2, agentic 56
Runs on: Alibaba Cloud Model Studio, self-host (open weights, most sizes) · mostly open weights
Cohere
Sep 22
Command A+
released Sep 22 · 192k ctx · 64k max output · text, image in · tool use
$0.3 in / $1.5 out per million tokens · $0.15 cached input
hosted only · Artificial Analysis: intelligence 13.1, coding 27.8, agentic 1
Runs on: Direct API, Amazon Bedrock, Microsoft Azure · mixed
xAI
Sep 21
Grok 4.7
released Sep 21 · 500k ctx · 450k max output · text, image, file in · tool use
$2 in / $6 out per million tokens · $0.5 cached input
hosted only · Artificial Analysis: intelligence 46.4, coding n/a, agentic n/a
Runs on: Direct API · hosted only
Aug 12
Grok 4.6
released Aug 12 · 500k ctx · 450k max output · text, image, file in · tool use
$2 in / $6 out per million tokens · $0.5 cached input
hosted only · Artificial Analysis: intelligence 44.3, coding 76.8, agentic 53
Runs on: Direct API · hosted only
Jul 8
Grok 4.5
released Jul 8 · 500k ctx · 450k max output · text, image, file in · tool use
$2 in / $6 out per million tokens · $0.3 cached input
hosted only · Artificial Analysis: intelligence 38.8, coding 72.4, agentic 41.2
Runs on: Direct API · hosted only
Tencent Hunyuan
Aug 28
Hy4 preview
released Aug 28 · 1M ctx · 64k max output · text in · tool use
$0.75 in / $2.25 out per million tokens · $0.04 cached input
open weights (tencent/Hy4-preview) · no published index
Runs on: Tencent Cloud, self-host (open-weight models) · mixed
Jul 6
Hy3
released Jul 6 · 262k ctx · 128k max output · text in · tool use
$0.08 in / $0.33 out per million tokens · $0.02 cached input
open weights (tencent/Hy3) · no published index
Runs on: Tencent Cloud, self-host (open-weight models) · mixed
ByteDance Seed
Aug 12
Seed 2.1 Turbo
released Aug 12 · 262k ctx · 236k max output · text, image, video in · tool use
$0.5 in / $2.5 out per million tokens
hosted only · no published index
Runs on: Volcano Engine · mixed
Aug 12
Seed-2.0-Code
released Aug 12 · 262k ctx · 131k max output · text, image, video in · tool use
$0.5 in / $3 out per million tokens
hosted only · no published index
Runs on: Volcano Engine · mixed

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