DeepSeek V3.2 vs Mistral Large 3: Benchmarks, Pricing & Capabilities Compared
TL;DR — DeepSeek V3.2 wins for cost + long-context · Mistral Large 3 wins for general use.
DeepSeek V3.2 DeepSeek
- Released
- 2026-02-12
- Context window
- 1M tokens
- Input price
- $0.27 / Mtok
- Output price
- $1.10 / Mtok
Key features
- 1M+ token context window (10x expansion)
- Improved reasoning capabilities
- Open source release
Mistral Large 3 Mistral
- Released
- 2025-12-15
- Context window
- 256K tokens
- Input price
- $2.00 / Mtok
- Output price
- $6.00 / Mtok
Key features
- 128K context window
- Improved multilingual capabilities
- Enhanced function calling
Benchmark comparison
| Benchmark | DeepSeek V3.2 | Mistral Large 3 |
|---|---|---|
| HumanEval | 92.5% ✓ | 91.2% |
| MATH | 85.6% ✓ | 82.1% |
| MMLU | 90.1% ✓ | 89.4% |
Pricing comparison
| Metric | DeepSeek V3.2 | Mistral Large 3 |
|---|---|---|
| Input ($/Mtok) | $0.27 | $2.00 |
| Output ($/Mtok) | $1.10 | $6.00 |
| Cached input ($/Mtok) | $0.07 | — |
| Cost per 1M-token roundtrip (1M in + 1M out) | $1.37 | $8.00 |
Context window & modalities
| Attribute | DeepSeek V3.2 | Mistral Large 3 |
|---|---|---|
| Context window | 1M tokens | 256K tokens |
| Input modalities | text | text, image |
| Output modalities | text | text |
| Knowledge cutoff | 2025-09 | 2025-07 |
Verdict by use case
Coding
→ DeepSeek V3.2
Basis: HumanEval
DeepSeek V3.2 92.5% vs Mistral Large 3 91.2% on HumanEval.
Reasoning
→ DeepSeek V3.2
Basis: MMLU-Pro
DeepSeek V3.2 90.1% vs Mistral Large 3 89.4% on MMLU-Pro.
Math
→ DeepSeek V3.2
Basis: MATH
DeepSeek V3.2 85.6% vs Mistral Large 3 82.1% on MATH.
Long context
→ DeepSeek V3.2
Basis: Context window
DeepSeek V3.2 1M tokens vs Mistral Large 3 256K tokens.
Cost
→ DeepSeek V3.2
Basis: Input $/Mtok
DeepSeek V3.2 $0.27/Mtok vs Mistral Large 3 $2/Mtok input.
Changelog & releases
DeepSeek V3.2
Released 2026-02-12
Predecessor: deepseek-deepseek-v3
- 10x context window expansion (128K → 1M+ tokens)
- Sliding-window attention for long-context throughput
- Improved chain-of-thought reasoning
- Native FP8 inference support