DeepSeek V3.2 vs Kimi K2: Benchmarks, Pricing & Capabilities Compared
TL;DR — DeepSeek V3.2 wins for general use · Kimi K2 wins for reasoning + cost + long-context.
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
Kimi K2 Moonshot AI
- Released
- 2026-01-20
- Context window
- 2M tokens
- Input price
- $0.15 / Mtok
- Output price
- $2.50 / Mtok
Key features
- First open-weight model #1 on LMSYS Chatbot Arena
- 1.04 trillion parameters
- K2.5 agent swarms with up to 100 sub-agents
Benchmark comparison
| Benchmark | DeepSeek V3.2 | Kimi K2 |
|---|---|---|
| LiveCodeBench | 72.1% ✓ | 68.9% |
| MMLU | 90.1% | 91.3% ✓ |
Pricing comparison
| Metric | DeepSeek V3.2 | Kimi K2 |
|---|---|---|
| Input ($/Mtok) | $0.27 | $0.15 |
| Output ($/Mtok) | $1.10 | $2.50 |
| Cached input ($/Mtok) | $0.07 | — |
| Cost per 1M-token roundtrip (1M in + 1M out) | $1.37 | $2.65 |
Context window & modalities
| Attribute | DeepSeek V3.2 | Kimi K2 |
|---|---|---|
| Context window | 1M tokens | 2M tokens |
| Input modalities | text | text, image |
| Output modalities | text | text |
| Knowledge cutoff | 2025-09 | 2025-10 |
Verdict by use case
Coding
→ DeepSeek V3.2
Basis: LiveCodeBench
DeepSeek V3.2 72.1% vs Kimi K2 68.9% on LiveCodeBench.
Reasoning
→ Kimi K2
Basis: GPQA Diamond
DeepSeek V3.2 68.4% vs Kimi K2 74.1% on GPQA Diamond.
Math
Insufficient data
Basis: MATH / AIME
No shared math benchmark.
Long context
→ Kimi K2
Basis: Context window
DeepSeek V3.2 1M tokens vs Kimi K2 2M tokens.
Cost
→ Kimi K2
Basis: Input $/Mtok
DeepSeek V3.2 $0.27/Mtok vs Kimi K2 $0.15/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
Kimi K2
Released 2026-01-20
Predecessor: moonshot-ai-moonshot-kimi
- 2M token context window (20x vs first Kimi)
- Agentic tool-use tuning via MuonClip optimizer
- Open weights under modified MIT