Model Comparison
GPT-5.4 vs DeepSeek-V3.2 (Thinking)Which is better in 2026?
GPT-5.4 significantly outperforms across most benchmarks. DeepSeek-V3.2 (Thinking) is 17.9x cheaper per token.
Verdict: GPT-5.4 vs DeepSeek-V3.2 (Thinking) — which is better?
GPT-5.4 (by OpenAI) and DeepSeek-V3.2 (Thinking) (by DeepSeek) are two of the AI models people compare most. Here is how they stack up on benchmarks, price and capabilities, and which one to pick in 2026.
GPT-5.4 outperforms in 5 benchmarks (BrowseComp, GPQA, Humanity's Last Exam, Terminal-Bench 2.0, Toolathlon), while DeepSeek-V3.2 (Thinking) is better at 0 benchmarks. GPT-5.4 significantly outperforms across most benchmarks.
On price, DeepSeek-V3.2 (Thinking) is roughly 17.9x cheaper per token on a blended 3:1 input/output basis, which adds up quickly at production volume.
GPT-5.4 also accepts a larger context window (1,000,000 input tokens), making it the stronger choice for long documents and large codebases.
Choose GPT-5.4 if…
- you want the strongest raw capability — it leads on 5 of 5 shared benchmarks
- you process long inputs — it offers a 1,000,000 token context window
- you want the most recent training data — it shipped Mar 2026
Choose DeepSeek-V3.2 (Thinking) if…
- cost matters — it's about 17.9x cheaper per token
- you need open weights you can self-host or fine-tune
Performance Benchmarks
Comparative analysis across standard metrics
GPT-5.4 outperforms in 5 benchmarks (BrowseComp, GPQA, Humanity's Last Exam, Terminal-Bench 2.0, Toolathlon), while DeepSeek-V3.2 (Thinking) is better at 0 benchmarks.
GPT-5.4 significantly outperforms across most benchmarks.
Arena Performance
Human preference votes
Pricing Analysis
Price comparison per million tokens
For input processing, GPT-5.4 ($2.50/1M tokens) is 8.9x more expensive than DeepSeek-V3.2 (Thinking) ($0.28/1M tokens).
For output processing, GPT-5.4 ($15.00/1M tokens) is 35.7x more expensive than DeepSeek-V3.2 (Thinking) ($0.42/1M tokens).
In conclusion, GPT-5.4 is more expensive than DeepSeek-V3.2 (Thinking).*
* Using a 3:1 ratio of input to output tokens
Context Window
Maximum input and output token capacity
GPT-5.4 accepts 1,000,000 input tokens compared to DeepSeek-V3.2 (Thinking)'s 131,072 tokens. GPT-5.4 can generate longer responses up to 128,000 tokens, while DeepSeek-V3.2 (Thinking) is limited to 65,536 tokens.
Input Capabilities
Supported data types and modalities
GPT-5.4 supports multimodal inputs, whereas DeepSeek-V3.2 (Thinking) does not.
GPT-5.4 can handle both text and other forms of data like images, making it suitable for multimodal applications.
GPT-5.4
DeepSeek-V3.2 (Thinking)
License
Usage and distribution terms
GPT-5.4 is licensed under a proprietary license, while DeepSeek-V3.2 (Thinking) uses MIT.
License differences may affect how you can use these models in commercial or open-source projects.
Proprietary
Closed source
MIT
Open weights
Release Timeline
When each model was launched
GPT-5.4 was released on 2026-03-05, while DeepSeek-V3.2 (Thinking) was released on 2025-12-01.
GPT-5.4 is 3 months newer than DeepSeek-V3.2 (Thinking).
Mar 5, 2026
3 months ago
3mo newerDec 1, 2025
6 months ago
Knowledge Cutoff
When training data ends
Neither model specifies a knowledge cutoff date.
Unable to compare the recency of their training data.
Provider Availability
GPT-5.4 is available from OpenAI. DeepSeek-V3.2 (Thinking) is available from DeepSeek.
GPT-5.4
DeepSeek-V3.2 (Thinking)
Outputs Comparison
Key Takeaways
GPT-5.4
View detailsOpenAI
Detailed Comparison
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FAQ
Common questions about GPT-5.4 vs DeepSeek-V3.2 (Thinking).