DeepSeek-V3.2 vs Mistral Small 4
Price and specs side by side · USD per 1M tokens · verified 2026-10-23
// side by side
| metric | DeepSeek-V3.2 | Mistral Small 4 |
|---|
| input / 1M | $0.26 | $0.15 |
| output / 1M | $0.38 | $0.60 |
| blended (3:1) | $0.29 | $0.2625 |
| cache read / 1M | $0.13 | $0.015 |
| context | 163.8K | 262.1K |
| max output | 64K | 256K |
| input types | text | text · image · pdf |
| reasoning | yes | yes |
| tool calling | yes | yes |
| structured output | yes | yes |
| open weights | yes | yes |
| released | 2025-12-01 | 2026-03-16 |
| knowledge cutoff | 2024-07 | 2025-06 |
| lab | DeepSeek | Mistral |
// monthly cost scenarios
| workload | tokens in / out | DeepSeek-V3.2 | Mistral Small 4 |
|---|
| Chatbot | 10M / 2M | $3.36 | $2.70 |
| RAG app | 50M / 5M | $14.90 | $10.50 |
| Coding agent | 20M / 10M | $9.00 | $9.00 |
// verdict
- Mistral Small 4 is 9.5% cheaper than DeepSeek-V3.2 on a blended 3:1 input/output basis.
- Mistral Small 4 has the larger context window (262.1K vs 163.8K tokens).
- Only Mistral Small 4 accepts image input.
- Chatbot (10M input / 2M output tokens per month): Mistral Small 4 costs $2.70 vs $3.36 for DeepSeek-V3.2, saving $0.66 per month.
- RAG app (50M input / 5M output tokens per month): Mistral Small 4 costs $10.50 vs $14.90 for DeepSeek-V3.2, saving $4.40 per month.
- Coding agent (20M input / 10M output tokens per month): both cost $9.00 per month.
// DeepSeek-V3.2 or Mistral Small 4: which one to choose
- Choose Mistral Small 4 for cost-sensitive, high-volume workloads.
- Choose Mistral Small 4 for long documents and large codebases (262.1K-token context).
- Choose Mistral Small 4 if you need image input.