vs
3:0
overall capability wins (1 ties across 4 scored). Hy4 Preview leads overall.
- Reasoning1:0
- Coding2:0
- Pricing0:3
Verdict
Hy4 Preview leads coding (widest gap: +240.2 on WebDev Elo); MiniMax M2.5 is ~2.4x cheaper on a blended token basis than Hy4 Preview.
- Hy4 Preview leads coding (widest gap: +240.2 on WebDev Elo)
- MiniMax M2.5 is ~2.4x cheaper on a blended token basis than Hy4 Preview
Cost for 1M in + 250K out
Illustrative chat workload at primary-provider list prices.
- Hy4 Preview
- $1.46
- MiniMax M2.5
- $0.60
MiniMax M2.5 is about 2.4x cheaper on this workload.
Price per 1M tokens
Full comparison
Organization
Tencent
MiniMax
Family
Other
Other
License
Apache 2.0
Modified MIT
Open weights
Yes
Yes
Release
Aug 28, 2026
Feb 15, 2026
Knowledge cutoff
-
-
API / provider
Tencent Cloud TokenHub
MiniMax
Modalities
text → text
text → text
Specs
Context window
1M
1M
Max output
-
64K
Parameters
770B (49B act.)
—
Pricing
Input $/1M
$0.83
$0.30
Output $/1M
$2.50
$1.20
Blended $/1M (3∶1)
$1.25
$0.52
Speed
tok/s
-
85
TTFT (s)
-
0.35
Reasoning
MMLU-Pro
—
—
GPQA Diamond
92.3
84.8
Humanity's Last Exam
—
20.5
AIME 2025
—
—
MATH-500
—
—
Humanity's Last Exam (with tools)
—
—
AA-Omniscience Accuracy
—
26.2
AA-LCR v1.1
—
73.3
CritPt
—
1.1
MMMU-Pro
—
—
IFBench
—
71.6
Chartography
—
—
Chartography (With Tools)
—
—
Coding
SWE-bench Verified
—
75.8
SWE-bench Pro
65.7
—
SWE-bench Multilingual
82.9
68.3
LiveCodeBench
—
—
Terminal-Bench 2.1
85.4
—
Aider Polyglot
—
—
Terminal-Bench 3
—
—
BigCodeBench
—
—
SciCode
—
42.6
CursorBench
—
—
SWE-Rebench
—
47.7
NL2Repo-Bench
—
—
DeepSWE
64.3
—
WebDev Arena
1,624
1,384
Terminal-Bench 4.0
—
—
CursorBench 4.0
—
—
FrontierCode v1.1 (Main)
—
—
Arena
LMArena Elo
—
1,390
| Metric | Hy4 Preview | MiniMax M2.5 | Delta |
|---|---|---|---|
| Identity | |||
| Organization | Tencent | MiniMax | — |
| Family | Other | Other | — |
| License | Apache 2.0 | Modified MIT | — |
| Open weights | Yes | Yes | — |
| Release | Aug 28, 2026 | Feb 15, 2026 | — |
| Knowledge cutoff | - | - | — |
| API / provider | Tencent Cloud TokenHub | MiniMax | — |
| Modalities | text → text | text → text | — |
| Specs | |||
| Context window | 1M | 1M | tie |
| Max output | - | 64K | — |
| Parameters | 770B (49B act.) | — | — |
| Pricing | |||
| Input $/1M | $0.83 | $0.30 | B +$0.53 |
| Output $/1M | $2.50 | $1.20 | B +$1.30 |
| Blended $/1M (3∶1) | $1.25 | $0.52 | B +$0.73 |
| Speed | |||
| tok/s | - | 85 | — |
| TTFT (s) | - | 0.35 | — |
| Reasoning | |||
| MMLU-Pro | — | — | — |
| GPQA Diamond | 92.3 | 84.8 | A +7.5 pts |
| Humanity's Last Exam | — | 20.5 | — |
| AIME 2025 | — | — | — |
| MATH-500 | — | — | — |
| Humanity's Last Exam (with tools) | — | — | — |
| AA-Omniscience Accuracy | — | 26.2 | — |
| AA-LCR v1.1 | — | 73.3 | — |
| CritPt | — | 1.1 | — |
| MMMU-Pro | — | — | — |
| IFBench | — | 71.6 | — |
| Chartography | — | — | — |
| Chartography (With Tools) | — | — | — |
| Coding | |||
| SWE-bench Verified | — | 75.8 | — |
| SWE-bench Pro | 65.7 | — | — |
| SWE-bench Multilingual | 82.9 | 68.3 | A +14.6 pts |
| LiveCodeBench | — | — | — |
| Terminal-Bench 2.1 | 85.4 | — | — |
| Aider Polyglot | — | — | — |
| Terminal-Bench 3 | — | — | — |
| BigCodeBench | — | — | — |
| SciCode | — | 42.6 | — |
| CursorBench | — | — | — |
| SWE-Rebench | — | 47.7 | — |
| NL2Repo-Bench | — | — | — |
| DeepSWE | 64.3 | — | — |
| WebDev Arena | 1,624 | 1,384 | A +240 Elo |
| Terminal-Bench 4.0 | — | — | — |
| CursorBench 4.0 | — | — | — |
| FrontierCode v1.1 (Main) | — | — | — |
| Arena | |||
| LMArena Elo | — | 1,390 | — |
Hy4 Preview
- Context
- 1M
- Parameters
- 770B (49B act.)
- Price
- $0.83 / $2.50
- Speed
- —
- Modalities
- text → text
- License
- Apache 2.0
Tencent Hy Team's Aug 28, 2026 open-weight flagship (770B MoE / 49B active, Apache 2.0) with a 1M context window and default high reasoning effort. Text-only instruct weights on Hugging Face; hosted API at $0.834/$2.501 per 1M tokens via TokenHub and OpenRouter.
MiniMax M2.5
- Context
- 1M / 64K out
- Parameters
- —
- Price
- $0.30 / $1.20
- Speed
- 85 tok/s · 0.35s TTFT
- Modalities
- text → text
- License
- Modified MIT
Open-ish MiniMax MoE with long context and competitive Chinese-market pricing.
Benchmark charts
Winner bars are emphasized. Per-benchmark deltas sit above each chart.