Comparison · prices as of 2026-07-04 · re-verified 2026-08-18
DeepSeek V3.2 vs Mistral Medium 3.5
On price alone, DeepSeek V3.2 (DeepSeek) runs about 89% cheaper than Mistral Medium 3.5 for a typical chat workload (2K input + 500 output tokens, 1,000 requests/day). Whether that's the right trade depends on the capability gap — the breakdown below shows where each one wins.
Price per million tokens
| Spec | DeepSeek V3.2 | Mistral Medium 3.5 |
|---|---|---|
| Input / MTok | $0.28 | $1.50 |
| Output / MTok | $0.42 | $7.50 |
| Context window | 128K | 128K |
| Max output | 8K | 32K |
| Class | workhorse | workhorse |
Estimated monthly cost by workload
Same models, three realistic usage levels. The gap between them scales with volume, so the right pick can change as you grow.
| Workload | DeepSeek V3.2 | Mistral Medium 3.5 | Cheaper |
|---|---|---|---|
| Light — chatbot 0.5K in / 0.2K out · 200 req/day | $1.34 | $13.50 | DeepSeek V3.2 |
| Typical — assistant 2K in / 0.5K out · 1K req/day | $23.10 | $203 | DeepSeek V3.2 |
| Heavy — RAG / agent 8K in / 2K out · 5K req/day | $462 | $4,050 | DeepSeek V3.2 |
Which should you pick?
- Cheapest overall: DeepSeek V3.2 — about 89% less per month on a typical assistant workload.
- DeepSeek V3.2 is cheaper on both input and output, so it stays cheaper whether your workload is prompt-heavy or generation-heavy.
Frequently asked questions
Is DeepSeek V3.2 or Mistral Medium 3.5 cheaper?
DeepSeek V3.2 is cheaper — roughly 89% less per month on a typical assistant workload (2K input + 500 output tokens, 1,000 requests/day).
What do DeepSeek V3.2 and Mistral Medium 3.5 cost per million tokens?
DeepSeek V3.2 is $0.28 per million input tokens and $0.42 per million output. Mistral Medium 3.5 is $1.50 input and $7.50 output. Prices are first-party API list rates as of 2026-07-04.
Which has the larger context window, DeepSeek V3.2 or Mistral Medium 3.5?
Both handle up to 128K tokens of context.
When should I choose Mistral Medium 3.5 over DeepSeek V3.2?
Both are workhorse-class models, so choose Mistral Medium 3.5 when it measurably wins on your own evals or you prefer its provider (Mistral); otherwise DeepSeek V3.2 does the same job for less.
Related comparisons
Sources: DeepSeek pricing · Mistral pricing. Run your own numbers in the cost calculator.