Pricing: GPT-5 Mini is 7.5x cheaper on list, but caching changes the math
**Sonnet 4.6 lists at $3/1M input and $15/1M output. GPT-5 Mini lists at $0.40/1M input and $2.40/1M output.** GPT-5 Mini is 7.5x cheaper on input and 6.25x cheaper on output. On list price alone, this is not a close fight.
**Caching closes a meaningful share of the gap.** Sonnet 4.6's 90% cache-read discount drops cached input to $0.30/1M. GPT-5 Mini's 50% prompt-cache hit discount drops cached input to $0.20/1M. At cached input the ratio narrows from 7.5x to 1.5x — Sonnet is still pricier, but the gap shrinks dramatically on cache-friendly workloads.
**Output is where the gap stays.** No cache discount applies to output tokens on either provider. Sonnet's $15/1M output vs GPT-5 Mini's $2.40/1M output is a 6.25x delta with no cache mitigation. For output-heavy workloads (code generation, long-form text, agent loops) this dominates the total cost.
**Math on a typical mid-tier call** (3K input, 500 output, 70% cache hit on a 2K prefix): GPT-5 Mini cached = (0.7 × 2K × $0.20 + 1K × $0.40 + 500 × $2.40) / 1M = $0.0019. Sonnet 4.6 cached = (0.7 × 2K × $0.30 + 1K × $3 + 500 × $15) / 1M = $0.0109. **Sonnet is 5.7x more expensive per call on this typical shape.**
**The right question** is not 'is Sonnet 5.7x better' (it isn't) — it's 'does Sonnet's per-call quality edge translate into fewer retries, fewer escalations, or better business outcomes at a rate that justifies 5.7x the cost.' For some workloads (customer support, complex reasoning) the answer is yes. For others (classification, extraction, simple summarization) the answer is no.
**Plug your real numbers in**: Claude API cost calculator and OpenAI API cost calculator — these surface monthly + annual cost given your input/output/cache parameters.