DeepSeek V3.2 vs Kimi K2 Thinking
Benchmarks, API pricing and specs, head to head. Data updated 2026-06-10.
DeepSeek V3.2
68.4DeepSeek · Sep 2025
The sparse-attention release that halved DeepSeek's already-lowest-in-class prices while keeping GPT-class quality.
Kimi K2 Thinking
67.6Moonshot AI · Nov 2025
A trillion-parameter open reasoning agent that can chain 200–300 tool calls — the open-weights agentic standout of late 2025.
The verdict
Kimi K2 Thinking wins 4 of the 5 benchmarks these models share, against 1 for DeepSeek V3.2. On price the gap is dramatic: DeepSeek V3.2 works out roughly 3.4x cheaper per blended million tokens. Kimi K2 Thinking also takes 262K of context versus 128K for DeepSeek V3.2.
Benchmark head-to-head 1–4
Specs & pricing
| DeepSeek V3.2 | Kimi K2 Thinking | |
|---|---|---|
| modhub Index | 68.4 | 67.6 |
| Input price / 1M | $0.28 | $0.6 |
| Output price / 1M | $0.42 | $2.5 |
| Context window | 128K | 262K |
| Max output | 64K | — |
| Open weights | yes (MIT) | yes (Modified MIT) |
| Reasoning model | yes | yes |
| Multimodal input | text | text |
| Knowledge cutoff | Jul 2025 | Apr 2025 |
| Released | Sep 2025 | Nov 2025 |
| Example monthly cost* | $3.43 | $9.75 |
* 10M input + 1.5M output tokens per month at list prices, no caching. Green = better value on that row.
Frequently asked questions
- Which is better, DeepSeek V3.2 or Kimi K2 Thinking?
- Kimi K2 Thinking wins 4 of the 5 benchmarks these models share, against 1 for DeepSeek V3.2. On price the gap is dramatic: DeepSeek V3.2 works out roughly 3.4x cheaper per blended million tokens. Kimi K2 Thinking also takes 262K of context versus 128K for DeepSeek V3.2.
- Which is cheaper, DeepSeek V3.2 or Kimi K2 Thinking?
- DeepSeek V3.2 costs $0.28/$0.42 per million input/output tokens, while Kimi K2 Thinking costs $0.6/$2.5. For a typical workload of 10M input and 1.5M output tokens per month, that's $3.43 versus $9.75.
- Which model is better for coding, DeepSeek V3.2 or Kimi K2 Thinking?
- On SWE-bench Verified — the standard agentic-coding benchmark — Kimi K2 Thinking scores 71.3% versus 67.8% for DeepSeek V3.2, making Kimi K2 Thinking the stronger pick for coding agents.
More comparisons
DeepSeek V3.2 vs GPT-5.5Kimi K2 Thinking vs GPT-5.5DeepSeek V3.2 vs GPT-5.2Kimi K2 Thinking vs GPT-5.2DeepSeek V3.2 vs GPT-5.1Kimi K2 Thinking vs GPT-5.1DeepSeek V3.2 vs GPT-5Kimi K2 Thinking vs GPT-5DeepSeek V3.2 vs GPT-5 miniKimi K2 Thinking vs GPT-5 miniDeepSeek V3.2 vs OpenAI o3Kimi K2 Thinking vs OpenAI o3