Technology progress
Can lower TPI
Model efficiency, better domestic inference stacks, caching, distillation, and competition can push TPI down and TPX up.
Index detail
China Token Price Index
A representative basket of major China commercial AI inference token prices, normalized into USD.
TPI price
$0.90
TPX mTPD
1.37
24h change
0.00%
Last updated
May 18, 2026, 07:14 AM
Historical Chart
Early history is modeled from price-impact factors until enough real daily source snapshots exist.
Price Impact Factors
The core driver is compute affordability. Technology progress and supply expansion tend to push TPI down and TPX up. Compute scarcity or frontier-demand congestion can push TPI up and TPX down.
CNY to USD conversion
Mixed effect
China prices quoted in RMB move in USD terms when exchange rates change.
Compute scarcity
Can raise TPI
GPU supply constraints or heavy demand for advanced reasoning and long-context workloads can push TPI up and TPX down.
Platform subsidies
Can lower TPI
Cloud subsidies, promotional API credits, and aggressive platform pricing can lower observed prices when broadly available.
Inclusion Rule
Constituents must have observable API pricing, stable availability, current mainline model status, commercial relevance, and a reliable source trail. Newly detected models go through watchlist review before joining an index.
Weighting Method
Weight rules are public: market-share signals are preferred, with revenue and adoption proxies used when stable share data is unavailable. Exact live constituent weights are summarized publicly at an appropriate reporting frequency.
Constituent Models
Constituents and price sources are disclosed for transparency. Exact live constituent weights are calculated from market-share, revenue, and adoption signals and will be summarized publicly at an appropriate reporting frequency.
DeepSeek V4 Pro
DeepSeek
China / frontier
Weighting signal tracked internally
- Input USD/1M
- 0.4350
- Output USD/1M
- 0.8700
- Composite mTPD
- 1.8391
- Cached input
- 0.0036
official source / May 17, 2026, 12:00 AM
Qwen3 Max
Alibaba Qwen
China
Weighting signal tracked internally
- Input USD/1M
- 0.3590
- Output USD/1M
- 1.4340
- Composite mTPD
- 1.5930
- Cached input
- n/a
official source / May 17, 2026, 12:00 AM
Doubao Seed 1.8
ByteDance Doubao
China
Weighting signal tracked internally
- Input USD/1M
- 0.8000
- Output USD/1M
- 2.0000
- Composite mTPD
- 0.9091
- Cached input
- n/a
official source / sample / May 17, 2026, 12:00 AM
GLM-4.6
Zhipu
China
Weighting signal tracked internally
- Input USD/1M
- 1.4000
- Output USD/1M
- 1.4000
- Composite mTPD
- 0.7143
- Cached input
- n/a
official source / sample / May 17, 2026, 12:00 AM
MiniMax-M2.7
MiniMax
China
Weighting signal tracked internally
- Input USD/1M
- 0.3000
- Output USD/1M
- 1.2000
- Composite mTPD
- 1.9048
- Cached input
- 0.0600
official source / May 17, 2026, 12:00 AM
Kimi K2.6
Moonshot Kimi
China
Weighting signal tracked internally
- Input USD/1M
- 0.6000
- Output USD/1M
- 2.5000
- Composite mTPD
- 0.9302
- Cached input
- n/a
official source / sample / May 17, 2026, 12:00 AM
ERNIE 5.0
Baidu
China
Weighting signal tracked internally
- Input USD/1M
- 1.7000
- Output USD/1M
- 5.5000
- Composite mTPD
- 0.3774
- Cached input
- n/a
official source / sample / May 17, 2026, 12:00 AM
| Provider | Model | Input USD/1M | Output USD/1M | Composite mTPD | Cached | Source |
|---|---|---|---|---|---|---|
| DeepSeek | DeepSeek V4 Pro China / frontier Weighting signal tracked internally | 0.4350 | 0.8700 | 1.8391 | 0.0036 | official May 17, 2026, 12:00 AM |
| Alibaba Qwen | Qwen3 Max China Weighting signal tracked internally | 0.3590 | 1.4340 | 1.5930 | n/a | official May 17, 2026, 12:00 AM |
| ByteDance Doubao | Doubao Seed 1.8 China Weighting signal tracked internally | 0.8000 | 2.0000 | 0.9091 | n/a | official May 17, 2026, 12:00 AM |
| Zhipu | GLM-4.6 China Weighting signal tracked internally | 1.4000 | 1.4000 | 0.7143 | n/a | official May 17, 2026, 12:00 AM |
| MiniMax | MiniMax-M2.7 China Weighting signal tracked internally | 0.3000 | 1.2000 | 1.9048 | 0.0600 | official May 17, 2026, 12:00 AM |
| Moonshot Kimi | Kimi K2.6 China Weighting signal tracked internally | 0.6000 | 2.5000 | 0.9302 | n/a | official May 17, 2026, 12:00 AM |
| Baidu | ERNIE 5.0 China Weighting signal tracked internally | 1.7000 | 5.5000 | 0.3774 | n/a | official May 17, 2026, 12:00 AM |