DeepSeek V3.2 vs MiniMax M2
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.
MiniMax M2
68.9MiniMax · Oct 2025
A 10B-active MoE tuned purely for agents and code — striking capability-per-active-parameter at rock-bottom prices.
The verdict
DeepSeek V3.2 wins 2 of the 3 benchmarks these models share, against 1 for MiniMax M2. DeepSeek V3.2 is about 1.7x cheaper per blended million tokens (3:1 input:output mix). MiniMax M2 also takes 205K of context versus 128K for DeepSeek V3.2.
Benchmark head-to-head 2–1
Specs & pricing
| DeepSeek V3.2 | MiniMax M2 | |
|---|---|---|
| modhub Index | 68.4 | 68.9 |
| Input price / 1M | $0.28 | $0.3 |
| Output price / 1M | $0.42 | $1.2 |
| Context window | 128K | 205K |
| Max output | 64K | — |
| Open weights | yes (MIT) | yes (MIT) |
| Reasoning model | yes | yes |
| Multimodal input | text | text |
| Knowledge cutoff | Jul 2025 | Jun 2025 |
| Released | Sep 2025 | Oct 2025 |
| Example monthly cost* | $3.43 | $4.80 |
* 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 MiniMax M2?
- DeepSeek V3.2 wins 2 of the 3 benchmarks these models share, against 1 for MiniMax M2. DeepSeek V3.2 is about 1.7x cheaper per blended million tokens (3:1 input:output mix). MiniMax M2 also takes 205K of context versus 128K for DeepSeek V3.2.
- Which is cheaper, DeepSeek V3.2 or MiniMax M2?
- DeepSeek V3.2 costs $0.28/$0.42 per million input/output tokens, while MiniMax M2 costs $0.3/$1.2. For a typical workload of 10M input and 1.5M output tokens per month, that's $3.43 versus $4.80.
- Which model is better for coding, DeepSeek V3.2 or MiniMax M2?
- On SWE-bench Verified — the standard agentic-coding benchmark — MiniMax M2 scores 69.4% versus 67.8% for DeepSeek V3.2, making MiniMax M2 the stronger pick for coding agents.