MiniMax vs DeepSeek: Which API Is Truly Cheapest in 2026?

Two of China's most popular model families, one question: which one is actually cheaper?

The short answer: DeepSeek wins on price almost everywhere — by a wide margin. But "cheapest" depends on what you're building. MiniMax has a secret weapon (audio) that price alone doesn't capture.

Here's the full comparison, with real per-1M-token numbers.

The Price Table (per 1M tokens)

Price verdict: DeepSeek V4 Flash is 5.7x cheaper than MiniMax M3 on input tokens. If your workload is text — chat, code, translation, summaries — this is not a close race.

What MiniMax Is Actually Good At

MiniMax M3 costs more, but it earns that price in specific categories:

The rule of thumb: if it talks — MiniMax. If it types — DeepSeek.

Real Production Cost Simulation

Let's put real numbers on it. A typical production workload: 100,000 requests/month, ~1,500 tokens each (1,000 in / 500 out).

For a text-heavy SaaS, choosing DeepSeek V4 Flash over MiniMax M3 saves roughly $200/month per 100K requests. Over a year, that's $2,400 — a developer's salary for a week, or a whole year of API for free.

Hidden Considerations

1. MiniMax audio APIs — if you build voice assistants or TTS features, MiniMax's audio quality is a genuine differentiator. Price per text token isn't the right metric there.
2. DeepSeek context caching — automatic caching can cut repeat-input costs by up to ~90%, stretching that $52 even further.
3. Quality gap is shrinking — DeepSeek V4 Flash scores 82.7 on Terminal Bench 2.1 (agentic coding), beating models that cost 50x more. MiniMax's text quality is good but not price-competitive.

The Verdict

Bottom line: DeepSeek V4 Flash is the cheapest capable API for almost every text workload. MiniMax is worth the premium only when your product is audio-first. And thanks to TokenPAPA, you can use both with one key — run MiniMax where it shines, DeepSeek where it saves.

FAQ

Q: Is DeepSeek cheaper than MiniMax?
A: Yes, for most text tasks. DeepSeek V4 Flash is $0.14/1M input vs MiniMax M3 at $0.80 — about 5.7x cheaper.

Q: What is the cheapest MiniMax API?
A: MiniMax M3 at $0.80/1M is the current flagship price, but DeepSeek V4 Flash ($0.14) and Qwen 3.7 ($0.20) are far cheaper for pure text.

Q: When should I choose MiniMax over DeepSeek?
A: For audio generation, voice, and creative/multimodal products. For general chat, coding, and cost-sensitive text, DeepSeek V4 Flash wins.

Q: Can I use both with one API key?
A: Yes — TokenPAPA serves MiniMax, DeepSeek and 30+ models through one OpenAI-compatible key.

Get Started

1. Sign up at tokenpapa.ai — get $1 free credit
2. Create your API key — one key for MiniMax, DeepSeek and 30+ models
3. Pick per scenario — DeepSeek for text, MiniMax for audio

from openai import OpenAI
client = OpenAI(base_url="https://tokenpapa.ai/v1", api_key="your-key")

# Cheapest for text — DeepSeek V4 Flash
resp = client.chat.completions.create(
    model="deepseek-v4-flash",  # or minimax-m3 for audio/creative
    messages=[{"role": "user", "content": "Hello!"}]
)
print(resp.choices[0].message.content)

Originally published at https://doc.tokenpapa.ai/en/docs/blog/minimax-vs-deepseek-pricing.