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DeepSeek V4 Flash 0423 vs MiniMax M2.5

DeepSeek V4 Flash 0423 leads MiniMax M2.5 on the Artificial Analysis Intelligence Index, 24.4 to 22.8, and DeepSeek V4 Flash 0423 costs 4.3x less per output token ($0.28 vs $1.20 per million). Updated October 22, 2026; 42 benchmarks have a result for both.

Replace DeepSeek V4 Flash 0423 Replace MiniMax M2.5
DeepSeek V4 Flash 0423DeepSeek
Coding
No data
Overall
No data
Output $/M
$0.28
36
MiniMax M2.5MiniMax
Coding
37.2
Overall
37.3
Output $/M
$1.20
6
vs boards won of 42 shared

DeepSeek V4 Flash 0423 or MiniMax M2.5: which to pick

Only MiniMax M2.5 has a coding score, 37.2 on the Vibe Coding Index; DeepSeek V4 Flash 0423 has none, so the two cannot be ranked on coding.

Pick DeepSeek V4 Flash 0423 for output tokens 4.3x cheaper ($0.28 vs $1.20 per million) and a larger context window (1.05M against 205K tokens).

Model ADeepSeek V4 Flash 0423DeepSeekNot benchmarked1 independent benchmarkNo cost per solved taskModel BMiniMax M2.5MiniMax37.2/1003 independent benchmarks$0.62 per solved task
Shared results
42
DeepSeek V4 Flash 0423 only
8
MiniMax M2.5 only
29
Like-for-like categories
7 of 9

Only benchmarks that tested both models count toward a pick; a result only one model has is shown but not compared.

Which one for your work

Each card is decided by one number both models carry. Where only one has it, the card says so and makes no call.

At a glance

Coding index
DeepSeek V4 Flash 0423 not benchmarked, MiniMax M2.5 37.2 from 3 benchmarks.
Widest category
Coding, 18.9 points apart on average over 6 shared benchmarks.
Widest single gap
LMArena Text: Japanese: DeepSeek V4 Flash 0423 1389 against MiniMax M2.5 1171, 36.3 points apart on a 0 to 100 scale.
Output price
DeepSeek V4 Flash 0423 $0.28 against MiniMax M2.5 $1.20 per million output tokens, 4.3x apart.
Context window
DeepSeek V4 Flash 0423 takes 1.05M tokens, MiniMax M2.5 205K.

Benchmark by benchmark

First the score: boards each model leads, per category, where both have a result. Then every board, a category to a fold; bars are each result on a 0 to 100 scale, so compare the two in a row, not one row with another.

Boards won, where both have a result
CategoryDeepSeek V4 Flash 0423BarsMiniMax M2.5Ties
Coding60
Intelligence11
Reasoning31
Math20
Knowledge40
Web design34
General170
All shared boards366
CodingLike-for-likeSix of these boards feed the Vibe Coding Index60
Coding benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
SWE-bench VerifiedNot measured75.8%Only MiniMax M2.5 measured
SWE-bench MultilingualNot measured68.3%Only MiniMax M2.5 measured
LMArena WebDev15821386DeepSeek V4 Flash 0423
AA Coding Index52.0Not measuredOnly DeepSeek V4 Flash 0423 measured
LiveCodeBench (Vals AI)Not measured79.2%Only MiniMax M2.5 measured
SWE-bench Verified (Vals AI)Not measured74.2%Only MiniMax M2.5 measured
Vibe Code Bench (Vals AI)Not measured14.8%Only MiniMax M2.5 measured
Terminal-Bench Hard (Artificial Analysis run)Not measured34.8%Only MiniMax M2.5 measured
Terminal-BenchNot measured42.7%Only MiniMax M2.5 measured
WeirdML45.6%Not measuredOnly DeepSeek V4 Flash 0423 measured
ALE-Bench678.2618.2DeepSeek V4 Flash 0423
LMArena Text: coding14571380DeepSeek V4 Flash 0423
LMArena Text: software and IT14531383DeepSeek V4 Flash 0423
LMArena WebDev: React15851374DeepSeek V4 Flash 0423
LMArena WebDev: HTML15581414DeepSeek V4 Flash 0423
SWE Atlas: Codebase QnANot measured10.3%Only MiniMax M2.5 measured
SWE Atlas: RefactoringNot measured19.5%Only MiniMax M2.5 measured
SWE Atlas: Test WritingNot measured18.6%Only MiniMax M2.5 measured
Neither model has a result on the other 25 boards here
IntelligenceLike-for-likePublic boards, shown as published, kept out of the index11
Intelligence benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
AA Intelligence Index24.422.8DeepSeek V4 Flash 0423
Epoch Capabilities Index146.1146.6MiniMax M2.5
Agentic workDirectional onlyPublic boards, shown as published, kept out of the index3 boards, none shared
Agentic work benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
AA Agentic Index26.3Not measuredOnly DeepSeek V4 Flash 0423 measured
τ²-Bench TelecomNot measured95.3%Only MiniMax M2.5 measured
Vending-Bench 2Not measured-$23Only MiniMax M2.5 measured
Neither model has a result on the other 39 boards here
ReasoningLike-for-likePublic boards, shown as published, kept out of the index31
Reasoning benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
GPQA DiamondNot measured82.1%Only MiniMax M2.5 measured
GPQA Diamond (Artificial Analysis run)Not measured84.8%Only MiniMax M2.5 measured
Humanity's Last Exam (Artificial Analysis run)Not measured20.5%Only MiniMax M2.5 measured
ARC-AGINot measured63.7%Only MiniMax M2.5 measured
ARC-AGI-2Not measured4.9%Only MiniMax M2.5 measured
SimpleBench46.3%Not measuredOnly DeepSeek V4 Flash 0423 measured
LMArena Text: hard prompts14441372DeepSeek V4 Flash 0423
LMArena Text: expert14411378DeepSeek V4 Flash 0423
LMArena Text: hard prompts in English14491384DeepSeek V4 Flash 0423
Kagi LLM Benchmark52.2%55.2%MiniMax M2.5
Neither model has a result on the other 13 boards here
MathLike-for-likePublic boards, shown as published, kept out of the index20
Math benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
AIMENot measured88.8%Only MiniMax M2.5 measured
ProofBenchNot measured4.0%Only MiniMax M2.5 measured
LMArena Text: math14261378DeepSeek V4 Flash 0423
LMArena Text: mathematical work14321378DeepSeek V4 Flash 0423
MathArena24.8%Not measuredOnly DeepSeek V4 Flash 0423 measured
Neither model has a result on the other 9 boards here
KnowledgeLike-for-likePublic boards, shown as published, kept out of the index40
Knowledge benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
MMLU ProNot measured80.1%Only MiniMax M2.5 measured
LegalBench (Vals AI)Not measured80.0%Only MiniMax M2.5 measured
CaseLaw (Vals AI)Not measured53.5%Only MiniMax M2.5 measured
CorpFin (Vals AI)Not measured59.6%Only MiniMax M2.5 measured
TaxEval (Vals AI)Not measured68.2%Only MiniMax M2.5 measured
MedQA (Vals AI)Not measured92.5%Only MiniMax M2.5 measured
LMArena Text: science14461369DeepSeek V4 Flash 0423
LMArena Text: medicine and healthcare14481357DeepSeek V4 Flash 0423
LMArena Text: legal and government14391366DeepSeek V4 Flash 0423
LMArena Text: business and finance14251356DeepSeek V4 Flash 0423
Neither model has a result on the other 10 boards here
Web designLike-for-likePublic boards, shown as published, kept out of the index34
Web design benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
Design Arena: websites12071222MiniMax M2.5
Design Arena: UI components11621170MiniMax M2.5
Design Arena: game dev11961176DeepSeek V4 Flash 0423
Design Arena: data viz11271172MiniMax M2.5
Design Arena: 3D11881170DeepSeek V4 Flash 0423
Design Arena: all code categories12051207MiniMax M2.5
Design Arena: SVG11541150DeepSeek V4 Flash 0423
Design Arena: ASCII art1109Not measuredOnly DeepSeek V4 Flash 0423 measured
Neither model has a result on the other 1 board here
GeneralLike-for-likePublic boards, shown as published, kept out of the index170
General benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
IFBenchNot measured71.6%Only MiniMax M2.5 measured
Long context reasoning (AA-LCR)Not measured73.3%Only MiniMax M2.5 measured
DTBench86.4%Not measuredOnly DeepSeek V4 Flash 0423 measured
LMCA35.9%Not measuredOnly DeepSeek V4 Flash 0423 measured
CL-benchNot measured11.4%Only MiniMax M2.5 measured
CL-bench LifeNot measured6.3%Only MiniMax M2.5 measured
LMArena Text14321359DeepSeek V4 Flash 0423
LMArena Text: instruction following14211353DeepSeek V4 Flash 0423
LMArena Text: creative writing14031331DeepSeek V4 Flash 0423
LMArena Text: English14411380DeepSeek V4 Flash 0423
LMArena Text: non-English14191338DeepSeek V4 Flash 0423
LMArena Text: Chinese14631393DeepSeek V4 Flash 0423
LMArena Text: German14191361DeepSeek V4 Flash 0423
LMArena Text: Japanese13891171DeepSeek V4 Flash 0423
LMArena Text: Korean13831233DeepSeek V4 Flash 0423
LMArena Text: French14391363DeepSeek V4 Flash 0423
LMArena Text: Spanish14361353DeepSeek V4 Flash 0423
LMArena Text: Russian14271359DeepSeek V4 Flash 0423
LMArena Text: Polish14361334DeepSeek V4 Flash 0423
LMArena Text: multi-turn14491364DeepSeek V4 Flash 0423
LMArena Text: longer queries14341366DeepSeek V4 Flash 0423
LMArena Text: writing and language14101345DeepSeek V4 Flash 0423
LMArena Text: entertainment and media14001329DeepSeek V4 Flash 0423
Neither model has a result on the other 25 boards here
Image generationNot comparablePublic boards, shown as published, kept out of the index0 boards, none shared
Image generation benchmarks for DeepSeek V4 Flash 0423 and MiniMax M2.5
BenchmarkDeepSeek V4 Flash 0423MiniMax M2.5Leader
Neither model has a result on 5 boards here

What each workload costs

Three fixed token mixes at each model's listed price, so per-token rates become a bill.

Chat turn

1K input + 500 output tokens

DeepSeek V4 Flash 0423$0.0003Fits in one request
MiniMax M2.5$0.0009Fits in one request

DeepSeek V4 Flash 0423 costs less

Repository review

50K input + 3K output tokens

DeepSeek V4 Flash 0423$0.0073Fits in one request
MiniMax M2.5$0.019Fits in one request

DeepSeek V4 Flash 0423 costs less

Agent loop

200K input + 10K output tokens

DeepSeek V4 Flash 0423$0.029Fits in one request
MiniMax M2.5$0.072Exceeds the context window

DeepSeek V4 Flash 0423 costs less

Listed OpenRouter rates, without cache or batch discounts. A workload that does not fit a model's context window would need splitting.

Specification differences

The leading value in a row is marked; a row with a missing value names no leader. Our two rows are marked in red.

Specifications of DeepSeek V4 Flash 0423 and MiniMax M2.5
SpecificationDeepSeek V4 Flash 0423MiniMax M2.5
MakerDeepSeekMiniMax
WeightsOpen weightsOpen weights
ReleasedApril 24, 2026February 12, 2026
Context window1.05M205K
Input $/Mtok$0.13$0.30
Output $/Mtok$0.28$1.20
Coding indexNot benchmarked37.2
Independent measurements behind it13
Cost per solved taskNot computable$0.62
SourceOpenRouter listingOpenRouter listing

Questions

Is DeepSeek V4 Flash 0423 better than MiniMax M2.5 for coding?

Only MiniMax M2.5 has a coding score, 37.2 on the Vibe Coding Index; DeepSeek V4 Flash 0423 has none, so the two cannot be ranked on coding. Pick DeepSeek V4 Flash 0423 for output tokens 4.3x cheaper ($0.28 vs $1.20 per million) and a larger context window (1.05M against 205K tokens).

Which is cheaper, DeepSeek V4 Flash 0423 or MiniMax M2.5?

DeepSeek V4 Flash 0423 costs $0.13 per million input tokens and $0.28 per million output tokens; MiniMax M2.5 costs $0.30 and $1.20. Cost per solved task is known for MiniMax M2.5 only.

Which has the bigger context window, DeepSeek V4 Flash 0423 or MiniMax M2.5?

DeepSeek V4 Flash 0423, with 1.05M tokens against 205K.

How many benchmarks is the DeepSeek V4 Flash 0423 vs MiniMax M2.5 comparison based on?

42 benchmarks have a result for both models as of October 22, 2026. DeepSeek V4 Flash 0423's coding index rests on 1 independent benchmark and MiniMax M2.5's on 3. Where only one model has a result, the page says so instead of naming a winner.

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