DeepSeek V3.2 vs Mistral Small 4
DeepSeek V3.2 (2025) and Mistral Small 4 (2026) are general-purpose language models from DeepSeek and MistralAI. DeepSeek V3.2 ships a 160k-token context window, while Mistral Small 4 ships a 256k-token context window. On Google-Proof Q&A, DeepSeek V3.2 leads by 7.1 pts. On pricing, Mistral Small 4 costs $0.15/1M input tokens versus $0.25/1M for the alternative. This comparison covers specs, pricing, API access, capabilities, benchmarks, input and output token costs, and production fit for coding and agent workloads.
Mistral Small 4 is ~68% cheaper at $0.15/1M; pay for DeepSeek V3.2 only for coding workflow support.
Decision scorecard
Local evidence first| Signal | DeepSeek V3.2 | Mistral Small 4 |
|---|---|---|
| Best for | provider-routed production | multimodal apps, tool-calling agents, and provider-routed production |
| Decision fit | Coding, RAG, and Agents | RAG, Agents, and Long context |
| Context window | 160k | 256k |
| Cheapest output | $0.38/1M tokens | $0.60/1M tokens |
| Provider routes | 7 tracked | 3 tracked |
| Shared benchmarks | Google-Proof Q&A leader | 1 rows |
Decision tradeoffs
- DeepSeek V3.2 leads the largest shared benchmark signal on Google-Proof Q&A by 7.1 points.
- DeepSeek V3.2 has the lower cheapest tracked output price at $0.38/1M tokens.
- DeepSeek V3.2 has broader tracked provider coverage for fallback and procurement flexibility.
- DeepSeek V3.2 uniquely exposes Structured outputs and Code execution in local model data.
- Local decision data tags DeepSeek V3.2 for Coding, RAG, and Agents.
- Mistral Small 4 has the larger context window for long prompts, retrieval packs, or transcript analysis.
- Mistral Small 4 uniquely exposes Vision, Multimodal, and Function calling in local model data.
- Local decision data tags Mistral Small 4 for RAG, Agents, and Long context.
Monthly cost at traffic
Estimate token spend from the cheapest tracked input and output route or tier on this page.
DeepSeek V3.2
$296
Cheapest tracked route/tier: OpenRouter
Mistral Small 4
$270
Cheapest tracked route/tier: OpenRouter
Estimated monthly gap: $26.10. Batch, cache, alternate speed tiers, and negotiated pricing are excluded from this local estimate.
Switch friction
- Provider overlap exists on OpenRouter and NVIDIA NIM; start route-level A/B tests there.
- Mistral Small 4 is $0.22/1M tokens higher on cheapest tracked output pricing, so quality gains need to justify the spend.
- Check replacement coverage for Structured outputs and Code execution before moving production traffic.
- Mistral Small 4 adds Vision, Multimodal, and Function calling in local capability data.
- Provider overlap exists on NVIDIA NIM and OpenRouter; start route-level A/B tests there.
- DeepSeek V3.2 is $0.22/1M tokens lower on cheapest tracked output pricing before cache, batch, or negotiated discounts.
- Check replacement coverage for Vision, Multimodal, and Function calling before moving production traffic.
- DeepSeek V3.2 adds Structured outputs and Code execution in local capability data.
Specs
| Specification | ||
|---|---|---|
| Released | 2025-12-01 | 2026-03-16 |
| Context window | 160k | 256k |
| Parameters | 671B | 119B (6.5B active) |
| Architecture | decoder only | moe |
| License | Open Source | Apache 2.0 |
| Knowledge cutoff | - | 2025-06 |
Pricing and availability
| Pricing attribute | DeepSeek V3.2 | Mistral Small 4 |
|---|---|---|
| Input price | $0.25/1M tokens | $0.15/1M tokens |
| Output price | $0.38/1M tokens | $0.60/1M tokens |
| Providers |
Capabilities
| Capability | DeepSeek V3.2 | Mistral Small 4 |
|---|---|---|
| Vision | No | Yes |
| Multimodal | No | Yes |
| Reasoning | No | No |
| Function calling | No | Yes |
| Tool use | No | Yes |
| Structured outputs | Yes | No |
| Code execution | Yes | No |
| IDE integration | No | No |
| Computer use | No | No |
| Parallel agents | No | No |
Benchmarks
| Benchmark | DeepSeek V3.2 | Mistral Small 4 |
|---|---|---|
| Google-Proof Q&A | 84.0 | 76.9 |
Deep dive
On shared benchmark coverage, Google-Proof Q&A has DeepSeek V3.2 at 84 and Mistral Small 4 at 76.9, with DeepSeek V3.2 ahead by 7.1 points. The largest visible gap is 7.1 points on Google-Proof Q&A, which matters most when that benchmark mirrors your workload. Treat isolated benchmark wins as directional, because provider routing, prompt style, and tool access can move real application results.
The capability footprint differs most on vision: Mistral Small 4, multimodal input: Mistral Small 4, function calling: Mistral Small 4, tool use: Mistral Small 4, structured outputs: DeepSeek V3.2, and code execution: DeepSeek V3.2. Both models share the core language-model surface, so the practical split is not just feature count. Use those differences to decide whether the page is about raw model quality, agentic coding support, multimodal ingestion, or predictable structured API behavior.
For cost, DeepSeek V3.2 lists $0.25/1M input and $0.38/1M output tokens on the cheapest tracked provider, while Mistral Small 4 lists $0.15/1M input and $0.60/1M output tokens on the cheapest tracked provider. A 70/30 input-output blend puts Mistral Small 4 lower by about $0.00 per million blended tokens. Availability is 7 providers versus 3, so concentration risk also matters.
Choose DeepSeek V3.2 when coding workflow support and broader provider choice are central to the workload. Choose Mistral Small 4 when long-context analysis, larger context windows, and lower input-token cost are more important. For production, rerun your own prompts through the exact provider, region, and tool stack you plan to ship.
FAQ
Which has a larger context window, DeepSeek V3.2 or Mistral Small 4?
Mistral Small 4 supports 256k tokens, while DeepSeek V3.2 supports 160k tokens. That gap matters most for long documents, large codebases, retrieval-heavy agents, and conversations where earlier context must remain visible.
Which is cheaper, DeepSeek V3.2 or Mistral Small 4?
Mistral Small 4 is cheaper on tracked token pricing. DeepSeek V3.2 costs $0.25/1M input and $0.38/1M output tokens. Mistral Small 4 costs $0.15/1M input and $0.60/1M output tokens. Provider discounts or batch pricing can still change the final bill.
Is DeepSeek V3.2 or Mistral Small 4 open source?
DeepSeek V3.2 is listed under Open Source. Mistral Small 4 is listed under Apache 2.0. License labels affect whether you can self-host, redistribute weights, or rely only on hosted APIs, so confirm the upstream license before deployment.
Which is better for vision, DeepSeek V3.2 or Mistral Small 4?
Mistral Small 4 has the clearer documented vision signal in this comparison. If vision is mission-critical, validate it against the provider endpoint because model-level support and API-level exposure can differ.
Which is better for multimodal input, DeepSeek V3.2 or Mistral Small 4?
Mistral Small 4 has the clearer documented multimodal input signal in this comparison. If multimodal input is mission-critical, validate it against the provider endpoint because model-level support and API-level exposure can differ.
Where can I run DeepSeek V3.2 and Mistral Small 4?
DeepSeek V3.2 is available on Fireworks AI, NVIDIA NIM, AWS Bedrock, OpenRouter, and Microsoft Foundry. Mistral Small 4 is available on OpenRouter, NVIDIA NIM, and Mistral AI Studio. Provider coverage can affect latency, region availability, compliance posture, and fallback options.
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Last reviewed: 2026-05-22. Data sourced from public model cards and provider documentation.