DeepSeek V3.2 vs DeepSeek V4 Flash

Name: DeepSeek V3.2
Author: DeepSeek

DeepSeek V3.2 (2025) and DeepSeek V4 Flash (2026) are frontier reasoning models from DeepSeek. DeepSeek V3.2 ships a 160k-token context window, while DeepSeek V4 Flash ships a 1m-token context window. On SWE-bench Verified, DeepSeek V4 Flash leads by 9 pts. This comparison covers specs, pricing, API access, capabilities, benchmarks, input and output token costs, and production fit for coding and agent workloads.

DeepSeek V4 Flash fits 6x more tokens; pick it for long-context work and DeepSeek V3.2 for tighter calls.

Decision scorecard

Local evidence first

Signal	DeepSeek V3.2	DeepSeek V4 Flash	How to read it
Best for	provider-routed production	reasoning-heavy apps, tool-calling agents, and long-context analysis	Use-case synthesis from product type, capability flags, context, and provider data.
Decision fit	Coding, RAG, and Agents	Coding, RAG, and Agents	Primary workload tags from local decision data.
Context window	160k	1m	Higher is better when prompts, retrieval chunks, or transcripts are large.
Cheapest output	$0.38/1M tokens	$0.12/1M tokens	Cheapest tracked provider route; verify your exact region and tier.
Provider routes	7 tracked	5 tracked	Broader coverage can reduce vendor lock-in and fallback risk.
Shared benchmarks	2 shared	SWE-bench Verified leader	Visible benchmark lead is 9 points on SWE-bench Verified.

Decision tradeoffs

Choose DeepSeek V3.2 when...

DeepSeek V3.2 has broader tracked provider coverage for fallback and route flexibility.
DeepSeek V3.2 uniquely exposes Code execution in local model data.
Local decision data tags DeepSeek V3.2 for Coding, RAG, and Agents.

Choose DeepSeek V4 Flash when...

DeepSeek V4 Flash holds a shared-benchmark lead on SWE-bench Verified, ahead by 9 points.
DeepSeek V4 Flash has the larger context window for long prompts, retrieval packs, or transcript analysis.
DeepSeek V4 Flash has the lower cheapest tracked output price at $0.12/1M tokens.
DeepSeek V4 Flash uniquely exposes Reasoning and JSON / Tool use in local model data.
Local decision data tags DeepSeek V4 Flash for Coding, RAG, and Agents.

Monthly cost at traffic

Estimate token spend from the cheapest tracked input and output route or tier on this page.

Lower estimate DeepSeek V4 Flash

Requests / monthInput tokens / requestOutput tokens / request

DeepSeek V3.2

$296

Cheapest tracked route/tier: OpenRouter

DeepSeek V4 Flash

$76.26

Cheapest tracked route/tier: OpenRouter

Estimated monthly gap: $220. Batch, cache, alternate speed tiers, and negotiated pricing are excluded from this local estimate.

Switch friction

DeepSeek V3.2 -> DeepSeek V4 Flash

Provider overlap exists on OpenRouter, Microsoft Foundry, and Vercel AI Gateway; start route-level A/B tests there.
DeepSeek V4 Flash is $0.26/1M tokens lower on cheapest tracked output pricing before cache, batch, or negotiated discounts.
Check replacement coverage for Code execution before moving production traffic.
DeepSeek V4 Flash adds Reasoning and JSON / Tool use in local capability data.

DeepSeek V4 Flash -> DeepSeek V3.2

Provider overlap exists on OpenRouter, Microsoft Foundry, and Vercel AI Gateway; start route-level A/B tests there.
DeepSeek V3.2 is $0.26/1M tokens higher on cheapest tracked output pricing, so quality gains need to justify the spend.
Check replacement coverage for Reasoning and JSON / Tool use before moving production traffic.
DeepSeek V3.2 adds Code execution in local capability data.

Specs

Specification	DeepSeek V3.2 DeepSeek	DeepSeek V4 Flash DeepSeek
Released	2025-12-01	2026-04-24
Context window	160k	1m
Parameters	671B	284B
Architecture	Decoder Only	Mixture of Experts
License	MITOSI-approved	MITOSI-approved
Openness	Open source	Open source
Weights	Unknown	Available
Code	Unknown	Unknown
Commercial use	Commercial use: permitted	Commercial use: permitted
Knowledge cutoff	-	-

Pricing and availability

Pricing attribute	DeepSeek V3.2	DeepSeek V4 Flash
Input price	$0.25/1M tokens	Off-peak $0.22/1M tokens All UTC hours outside DeepSeek's peak windows. Cache-hit input: $0.007 per 1M tokens; cache-miss input: $0.22 per 1M; output: $0.66 per 1M. Peak $0.44/1M tokens 01:00-04:00 and 06:00-10:00 UTC. Cache-hit input: $0.014 per 1M tokens; cache-miss input: $0.44 per 1M; output: $1.32 per 1M.
Output price	$0.38/1M tokens	Off-peak $0.66/1M tokens All UTC hours outside DeepSeek's peak windows. Cache-hit input: $0.007 per 1M tokens; cache-miss input: $0.22 per 1M; output: $0.66 per 1M. Peak $1.32/1M tokens 01:00-04:00 and 06:00-10:00 UTC. Cache-hit input: $0.014 per 1M tokens; cache-miss input: $0.44 per 1M; output: $1.32 per 1M.
Providers	Fireworks AI NVIDIA NIM AWS Bedrock OpenRouter Microsoft Foundry Vercel AI Gateway	DeepSeek Platform OpenRouter Microsoft Foundry Vercel AI Gateway Novita AI

Capabilities

Capability	DeepSeek V3.2	DeepSeek V4 Flash
Vision	No	No
Multimodal	No	No
Reasoning	No	Yes
JSON / Tool use	No	Yes
Structured outputs	Yes	Yes
Code execution	Yes	No
IDE integration	No	No
Computer use	No	No
Parallel agents	No	No

Benchmarks

Benchmark	DeepSeek V3.2	DeepSeek V4 Flash
SWE-bench Verified	70.0	79.0
Google-Proof Q&A	84.0	88.1

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Model pages

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Last reviewed: 2026-07-03. Data sourced from public model cards and provider documentation.

Both models

DeepSeek V3.2 DeepSeek V4 Flash