# The BenchLM Token Price Index

> The BenchLM Token Price Index stands at 12 for July 2026 — frontier LLM token prices are 88% below their March 2023 base (=100), at a median blended $4.50 per 1M tokens across 13 flagship models. Updated July 2, 2026, methodology v1.0.

## Sub-indexes

| Sub-index | Value | MoM | YoY | Median blended $/1M | Constituents |
|---|---|---|---|---|---|
| Frontier | 12 | +2.6% | +36.4% | $4.50 | 13 |
| Mid-tier | 32.1 | -21.7% | -35.8% | $1.93 | 9 |
| Budget | 100 | +63.4% | +90.5% | $0.50 | 7 |

## What moved since the last snapshot

- o3 (Frontier) price cut: $17.50 -> $3.50/1M blended (-80%)
- GPT-5.1 (Frontier) price increase: $2.63 -> $3.44/1M blended (+31%)
- GPT-5.2 (Frontier) price increase: $3.50 -> $4.81/1M blended (+37.5%)
- Claude 3.5 Sonnet (Mid-tier) entered the index at $6.00/1M blended
- Claude Haiku 4.5 (Budget) price increase: $1.60 -> $2.00/1M blended (+25%)
- Claude Opus 4.6 (Frontier) price cut: $30.00 -> $10.00/1M blended (-66.7%)
- Gemini 1.5 Flash (Budget) exited the index
- Gemini 2.5 Pro (Frontier) price increase: $2.19 -> $3.44/1M blended (+57.1%)
- Gemini 2.5 Flash (Budget) price increase: $0.26 -> $0.85/1M blended (+223.8%)
- Gemini 3.1 Pro (Frontier) price increase: $2.19 -> $4.50/1M blended (+105.7%)
- Mistral Large 3 (Mid-tier) price cut: $3.00 -> $0.75/1M blended (-75%)

## Current constituents (29)

| Model | Creator | Tier | Input $/1M | Output $/1M | Blended $/1M |
|---|---|---|---|---|---|
| DeepSeek R1 | DeepSeek | Frontier | $0.55 | $2.19 | $0.96 |
| Gemini 1.5 Pro | Google | Frontier | $1.25 | $5 | $2.19 |
| GPT-5.1 | OpenAI | Frontier | $1.25 | $10 | $3.44 |
| Gemini 2.5 Pro | Google | Frontier | $1.25 | $10 | $3.44 |
| o3 | OpenAI | Frontier | $2 | $8 | $3.50 |
| GPT-4o | OpenAI | Frontier | $2.5 | $10 | $4.38 |
| Gemini 3.1 Pro | Google | Frontier | $2 | $12 | $4.50 |
| GPT-5.2 | OpenAI | Frontier | $1.75 | $14 | $4.81 |
| GPT-5.4 | OpenAI | Frontier | $2.5 | $15 | $5.63 |
| Grok 4.1 | xAI | Frontier | $3 | $15 | $6.00 |
| Claude Opus 4.6 | Anthropic | Frontier | $5 | $25 | $10.00 |
| o1 | OpenAI | Frontier | $15 | $60 | $26.25 |
| GPT-5.4 Pro | OpenAI | Frontier | $30 | $180 | $67.50 |
| DeepSeek V3 | DeepSeek | Mid-tier | $0.27 | $1.1 | $0.48 |
| Mistral Large 3 | Mistral | Mid-tier | $0.5 | $1.5 | $0.75 |
| Gemini 3 Flash | Google | Mid-tier | $0.5 | $3 | $1.13 |
| GPT-5.4 mini | OpenAI | Mid-tier | $0.75 | $4.5 | $1.69 |
| o3-mini | OpenAI | Mid-tier | $1.1 | $4.4 | $1.93 |
| GPT-4.1 | OpenAI | Mid-tier | $2 | $8 | $3.50 |
| Claude 3.5 Sonnet | Anthropic | Mid-tier | $3 | $15 | $6.00 |
| Claude Sonnet 4.5 | Anthropic | Mid-tier | $3 | $15 | $6.00 |
| Claude Sonnet 4.6 | Anthropic | Mid-tier | $3 | $15 | $6.00 |
| GPT-4.1 nano | OpenAI | Budget | $0.1 | $0.4 | $0.17 |
| GPT-4o mini | OpenAI | Budget | $0.15 | $0.6 | $0.26 |
| Grok 3 Mini | xAI | Budget | $0.3 | $0.5 | $0.35 |
| Claude 3 Haiku | Anthropic | Budget | $0.25 | $1.25 | $0.50 |
| GPT-4.1 mini | OpenAI | Budget | $0.4 | $1.6 | $0.70 |
| Gemini 2.5 Flash | Google | Budget | $0.3 | $2.5 | $0.85 |
| Claude Haiku 4.5 | Anthropic | Budget | $1 | $5 | $2.00 |

## Monthly series (all tiers, first month of tier = 100)

| Month | Frontier | Mid-tier | Budget |
|---|---|---|---|
| 2023-03 | 100 | — | — |
| 2023-04 | 100 | — | — |
| 2023-05 | 100 | — | — |
| 2023-06 | 100 | — | — |
| 2023-07 | 100 | — | — |
| 2023-08 | 100 | — | — |
| 2023-09 | 100 | — | — |
| 2023-10 | 100 | — | — |
| 2023-11 | 70 | — | — |
| 2023-12 | 70 | — | — |
| 2024-01 | 70 | — | — |
| 2024-02 | 70 | — | — |
| 2024-03 | 80 | 100 | 100 |
| 2024-04 | 80 | 100 | 100 |
| 2024-05 | 20 | 100 | 102.5 |
| 2024-06 | 20 | 100 | 102.5 |
| 2024-07 | 20 | 100 | 100 |
| 2024-08 | 20 | 100 | 100 |
| 2024-09 | 45 | 100 | 100 |
| 2024-10 | 40.8 | 100 | 52.5 |
| 2024-11 | 40.8 | 100 | 52.5 |
| 2024-12 | 40.8 | 100 | 52.5 |
| 2025-01 | 11.7 | 100 | 52.5 |
| 2025-02 | 11.7 | 75 | 52.5 |
| 2025-03 | 11.7 | 75 | 52.5 |
| 2025-04 | 11.7 | 54.2 | 52.5 |
| 2025-05 | 11.7 | 54.2 | 52.5 |
| 2025-06 | 8.8 | 54.2 | 52.5 |
| 2025-07 | 8.8 | 50 | 52.5 |
| 2025-08 | 8.8 | 50 | 52.5 |
| 2025-09 | 7 | 54.2 | 70 |
| 2025-10 | 6.4 | 54.2 | 70 |
| 2025-11 | 5.8 | 54.2 | 70 |
| 2025-12 | 5.8 | 50 | 70 |
| 2026-01 | 5.8 | 50 | 85 |
| 2026-02 | 9.3 | 58.3 | 85 |
| 2026-03 | 9.3 | 58.3 | 85 |
| 2026-04 | 11.7 | 41 | 61.2 |
| 2026-05 | 11.7 | 41 | 61.2 |
| 2026-06 | 11.7 | 41 | 61.2 |
| 2026-07 | 12 | 32.1 | 100 |

Blended price = (3 × input + output) / 4 per 1M tokens. Full rules: https://benchlm.ai/token-price-index/methodology

Machine-readable series: https://benchlm.ai/data/price-index.json

Cite as: the BenchLM Token Price Index, July 2026: 12 (Mar 2023 = 100). https://benchlm.ai/token-price-index

Canonical page: https://benchlm.ai/token-price-index