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GPT-5.4 Mini vs MiniMax M2

GPT-5.4 Mini leads MiniMax M2 on the Artificial Analysis Intelligence Index, 24.1 to 18.6, and MiniMax M2 costs 4.4x less per output token ($1.02 vs $4.50 per million). Updated October 22, 2026; 36 benchmarks have a result for both.

Replace GPT-5.4 Mini Replace MiniMax M2
GPT-5.4 MiniOpenAI
Coding
35.8
Overall
44.0
Output $/M
$4.50
34
MiniMax M2MiniMax
Coding
No data
Overall
No data
Output $/M
$1.02
2
vs boards won of 36 shared

GPT-5.4 Mini or MiniMax M2: which to pick

Only GPT-5.4 Mini has a coding score, 35.8 on the Vibe Coding Index; MiniMax M2 has none, so the two cannot be ranked on coding.

Pick MiniMax M2 for output tokens 4.4x cheaper ($1.02 vs $4.50 per million) and work measured by τ²-Bench Telecom or Kagi LLM Benchmark, where it leads.

Model AGPT-5.4 MiniOpenAI35.8/1005 independent benchmarks$0.70 per solved taskModel BMiniMax M2MiniMaxNot benchmarked1 independent benchmark$0.702 per solved task
Shared results
36
GPT-5.4 Mini only
53
MiniMax M2 only
14
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
GPT-5.4 Mini 35.8 from 5 benchmarks, MiniMax M2 not benchmarked.
Widest category
Coding, 16.3 points apart on average over 5 shared benchmarks.
Widest single gap
Terminal-Bench Hard (Artificial Analysis run): GPT-5.4 Mini 52.3% against MiniMax M2 25.8%, 26.5 points apart on a 0 to 100 scale.
Output price
GPT-5.4 Mini $4.50 against MiniMax M2 $1.02 per million output tokens, 4.4x apart.
Context window
GPT-5.4 Mini takes 400K tokens, MiniMax M2 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
CategoryGPT-5.4 MiniBarsMiniMax M2Ties
Coding50
Intelligence10
Agentic work01
Reasoning51
Math20
Knowledge40
General170
All shared boards342
CodingLike-for-likeSix of these boards feed the Vibe Coding Index50
Coding benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
SWE-bench VerifiedNot measured61.0%Only MiniMax M2 measured
LMArena WebDev13971297GPT-5.4 Mini
AA Coding Index56.1Not measuredOnly GPT-5.4 Mini measured
LiveCodeBench (Vals AI)81.5%Not measuredOnly GPT-5.4 Mini measured
SWE-bench Verified (Vals AI)73.0%Not measuredOnly GPT-5.4 Mini measured
Terminal-Bench 4 (Vals AI)2.5%Not measuredOnly GPT-5.4 Mini measured
Vibe Code Bench (Vals AI)48.0%Not measuredOnly GPT-5.4 Mini measured
Code migration (Vals AI)12.9%Not measuredOnly GPT-5.4 Mini measured
ProgramBench (Vals AI)0.0%Not measuredOnly GPT-5.4 Mini measured
Terminal-Bench 2.1 (Vals AI)54.7%Not measuredOnly GPT-5.4 Mini measured
LiveCodeBench (Artificial Analysis run)Not measured82.6%Only MiniMax M2 measured
SciCode52.1%Not measuredOnly GPT-5.4 Mini measured
Terminal-Bench Hard (Artificial Analysis run)52.3%25.8%GPT-5.4 Mini
Terminal-BenchNot measured30.0%Only MiniMax M2 measured
FrontierCode27.0%Not measuredOnly GPT-5.4 Mini measured
WeirdML60.3%Not measuredOnly GPT-5.4 Mini measured
ALE-Bench1188.6Not measuredOnly GPT-5.4 Mini measured
LMArena Text: coding14381371GPT-5.4 Mini
LMArena Text: software and IT14361373GPT-5.4 Mini
LMArena WebDev: React1386Not measuredOnly GPT-5.4 Mini measured
LMArena WebDev: HTML14191306GPT-5.4 Mini
Neither model has a result on the other 18 boards here
IntelligenceLike-for-likePublic boards, shown as published, kept out of the index10
Intelligence benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
AA Intelligence Index24.118.6GPT-5.4 Mini
Epoch Capabilities Index148.7Not measuredOnly GPT-5.4 Mini measured
Agentic workLike-for-likePublic boards, shown as published, kept out of the index01
Agentic work benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
AA Agentic Index17.9Not measuredOnly GPT-5.4 Mini measured
Finance Agent (Vals AI)45.4%Not measuredOnly GPT-5.4 Mini measured
Tax Agent Bench (Vals AI)8.8%Not measuredOnly GPT-5.4 Mini measured
Legal Research Bench (Vals AI)12.5%Not measuredOnly GPT-5.4 Mini measured
Excel Modeling Benchmark (Vals AI)45.4%Not measuredOnly GPT-5.4 Mini measured
τ²-Bench Telecom83.3%86.8%MiniMax M2
DeepResearch Bench36.3%Not measuredOnly GPT-5.4 Mini measured
Vending-Bench 2Not measured$161Only MiniMax M2 measured
Neither model has a result on the other 33 boards here
ReasoningLike-for-likePublic boards, shown as published, kept out of the index51
Reasoning benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
GPQA Diamond83.1%Not measuredOnly GPT-5.4 Mini measured
MMMU Pro (Vals AI)79.3%Not measuredOnly GPT-5.4 Mini measured
GPQA Diamond (Artificial Analysis run)87.5%77.7%GPT-5.4 Mini
Humanity's Last Exam (Artificial Analysis run)28.1%13.7%GPT-5.4 Mini
GPQA Diamond (Epoch AI run)86.9%Not measuredOnly GPT-5.4 Mini measured
ARC-AGI63.7%Not measuredOnly GPT-5.4 Mini measured
ARC-AGI-218.9%Not measuredOnly GPT-5.4 Mini measured
Chess puzzles23.0%Not measuredOnly GPT-5.4 Mini measured
Mystery game puzzles11.0%Not measuredOnly GPT-5.4 Mini measured
LMArena Text: hard prompts14241357GPT-5.4 Mini
LMArena Text: expert14351338GPT-5.4 Mini
LMArena Text: hard prompts in English14201376GPT-5.4 Mini
LMArena Vision: diagrams1266Not measuredOnly GPT-5.4 Mini measured
LMArena Vision: homework1285Not measuredOnly GPT-5.4 Mini measured
Kagi LLM Benchmark37.9%57.8%MiniMax M2
Neither model has a result on the other 7 boards here
MathLike-for-likePublic boards, shown as published, kept out of the index20
Math benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
AIME95.6%Not measuredOnly GPT-5.4 Mini measured
AA Math IndexNot measured78.3Only MiniMax M2 measured
AIME 2025 (Artificial Analysis run)Not measured78.3%Only MiniMax M2 measured
OTIS Mock AIME88.9%Not measuredOnly GPT-5.4 Mini measured
FrontierMath, tiers 1 to 351.2%Not measuredOnly GPT-5.4 Mini measured
FrontierMath, tier 49.8%Not measuredOnly GPT-5.4 Mini measured
ProofBench21.0%Not measuredOnly GPT-5.4 Mini measured
LMArena Text: math14181351GPT-5.4 Mini
LMArena Text: mathematical work14291368GPT-5.4 Mini
Neither model has a result on the other 4 boards here
KnowledgeLike-for-likePublic boards, shown as published, kept out of the index40
Knowledge benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
MMLU Pro84.5%Not measuredOnly GPT-5.4 Mini measured
CaseLaw (Vals AI)51.7%Not measuredOnly GPT-5.4 Mini measured
CorpFin (Vals AI)60.9%Not measuredOnly GPT-5.4 Mini measured
TaxEval (Vals AI)71.2%Not measuredOnly GPT-5.4 Mini measured
MortgageTax (Vals AI)63.5%Not measuredOnly GPT-5.4 Mini measured
MMLU Pro (Artificial Analysis run)Not measured82.0%Only MiniMax M2 measured
SimpleQA Verified29.4%Not measuredOnly GPT-5.4 Mini measured
LMArena Text: science14171348GPT-5.4 Mini
LMArena Text: medicine and healthcare13951367GPT-5.4 Mini
LMArena Text: legal and government14141349GPT-5.4 Mini
LMArena Text: business and finance14181336GPT-5.4 Mini
Neither model has a result on the other 7 boards here
Web designDirectional onlyPublic boards, shown as published, kept out of the index7 boards, none shared
Web design benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
Design Arena: websitesNot measured1143Only MiniMax M2 measured
Design Arena: UI componentsNot measured1137Only MiniMax M2 measured
Design Arena: game devNot measured1118Only MiniMax M2 measured
Design Arena: data vizNot measured1140Only MiniMax M2 measured
Design Arena: 3DNot measured1098Only MiniMax M2 measured
Design Arena: all code categoriesNot measured1135Only MiniMax M2 measured
Design Arena: SVGNot measured1100Only MiniMax M2 measured
Neither model has a result on the other 2 boards here
GeneralLike-for-likePublic boards, shown as published, kept out of the index170
General benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
SAGE (Vals AI)50.8%Not measuredOnly GPT-5.4 Mini measured
Vals Multimodal Index54.2%Not measuredOnly GPT-5.4 Mini measured
IFBench73.3%72.3%GPT-5.4 Mini
Long context reasoning (AA-LCR)77.0%64.3%GPT-5.4 Mini
DTBench80.0%Not measuredOnly GPT-5.4 Mini measured
LMCA40.8%Not measuredOnly GPT-5.4 Mini measured
LMArena Text14121340GPT-5.4 Mini
LMArena Text: instruction following14051329GPT-5.4 Mini
LMArena Text: creative writing13701286GPT-5.4 Mini
LMArena Vision1245Not measuredOnly GPT-5.4 Mini measured
LMArena Text: English14121364GPT-5.4 Mini
LMArena Text: non-English14051313GPT-5.4 Mini
LMArena Text: Chinese14461366GPT-5.4 Mini
LMArena Text: German14081357GPT-5.4 Mini
LMArena Text: Japanese1375Not measuredOnly GPT-5.4 Mini measured
LMArena Text: Korean1370Not measuredOnly GPT-5.4 Mini measured
LMArena Text: French14411336GPT-5.4 Mini
LMArena Text: Spanish14051326GPT-5.4 Mini
LMArena Text: Russian14171330GPT-5.4 Mini
LMArena Text: Polish14151312GPT-5.4 Mini
LMArena Text: multi-turn14291361GPT-5.4 Mini
LMArena Text: longer queries14081331GPT-5.4 Mini
LMArena Text: writing and language13931295GPT-5.4 Mini
LMArena Text: entertainment and media13731298GPT-5.4 Mini
LMArena Vision: English1244Not measuredOnly GPT-5.4 Mini measured
LMArena Vision: Chinese1286Not measuredOnly GPT-5.4 Mini measured
LMArena Vision: reading text1253Not measuredOnly GPT-5.4 Mini measured
LMArena Vision: humor1235Not measuredOnly GPT-5.4 Mini measured
LMArena Vision: recognizing things1218Not measuredOnly GPT-5.4 Mini measured
LMArena Vision: creative writing1222Not measuredOnly GPT-5.4 Mini measured
Neither model has a result on the other 16 boards here
Image generationNot comparablePublic boards, shown as published, kept out of the index0 boards, none shared
Image generation benchmarks for GPT-5.4 Mini and MiniMax M2
BenchmarkGPT-5.4 MiniMiniMax M2Leader
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

GPT-5.4 Mini$0.0030Fits in one request
MiniMax M2$0.0008Fits in one request

MiniMax M2 costs less

Repository review

50K input + 3K output tokens

GPT-5.4 Mini$0.051Fits in one request
MiniMax M2$0.016Fits in one request

MiniMax M2 costs less

Agent loop

200K input + 10K output tokens

GPT-5.4 Mini$0.195Fits in one request
MiniMax M2$0.061Exceeds the context window

MiniMax M2 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 GPT-5.4 Mini and MiniMax M2
SpecificationOpenAI GPT-5.4 MiniMiniMax M2
MakerOpenAIMiniMax
WeightsNo public weights listedOpen weights
ReleasedMarch 17, 2026October 23, 2025
Context window400K205K
Input $/Mtok$0.75$0.255
Output $/Mtok$4.50$1.02
Coding index35.8Not benchmarked
Independent measurements behind it51
Cost per solved task$0.70$0.702
SourceOpenRouter listingOpenRouter listing

Questions

Is GPT-5.4 Mini better than MiniMax M2 for coding?

Only GPT-5.4 Mini has a coding score, 35.8 on the Vibe Coding Index; MiniMax M2 has none, so the two cannot be ranked on coding. Pick MiniMax M2 for output tokens 4.4x cheaper ($1.02 vs $4.50 per million) and work measured by τ²-Bench Telecom or Kagi LLM Benchmark, where it leads.

Which is cheaper, GPT-5.4 Mini or MiniMax M2?

GPT-5.4 Mini costs $0.75 per million input tokens and $4.50 per million output tokens; MiniMax M2 costs $0.255 and $1.02. Per solved SWE-bench Verified task, GPT-5.4 Mini costs $0.70 and MiniMax M2 $0.702.

Which has the bigger context window, GPT-5.4 Mini or MiniMax M2?

GPT-5.4 Mini, with 400K tokens against 205K.

How many benchmarks is the GPT-5.4 Mini vs MiniMax M2 comparison based on?

36 benchmarks have a result for both models as of October 22, 2026. GPT-5.4 Mini's coding index rests on 5 independent benchmarks and MiniMax M2's on 1. Where only one model has a result, the page says so instead of naming a winner.

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