Regional sleeve mix
Mixed effect
Global TPI moves when weight shifts between US/North America and China baskets.
Index detail
Global Token Price Index
A representative basket of major commercial AI inference token prices across regions.
TPI price
$5.91
TPX mTPD
0.60
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.
Technology progress
Can lower TPI
Global improvements in chips, inference software, caching, routing, and model efficiency tend to make tokens cheaper over time.
Compute scarcity
Can raise TPI
Global GPU bottlenecks, premium frontier demand, and reliability requirements can push inference prices up.
Global price competition
Can lower TPI
Cross-region competition and open-model pressure tend to reduce list prices over time.
FX and infrastructure costs
Mixed effect
Currency changes, GPU supply, and serving efficiency affect normalized USD prices.
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.
GPT-5.5
OpenAI
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 5.0000
- Output USD/1M
- 30.0000
- Composite mTPD
- 0.0889
- Cached input
- 0.5000
official source / May 17, 2026, 12:00 AM
Claude Opus 4.7
Anthropic
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 5.0000
- Output USD/1M
- 25.0000
- Composite mTPD
- 0.1000
- Cached input
- 0.5000
official source / May 17, 2026, 12:00 AM
Gemini 3.1 Pro Preview
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 2.0000
- Output USD/1M
- 12.0000
- Composite mTPD
- 0.2222
- Cached input
- 0.2000
official source / May 17, 2026, 12:00 AM
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
Grok 4.3
xAI
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 1.2500
- Output USD/1M
- 2.5000
- Composite mTPD
- 0.6400
- Cached input
- n/a
official source / 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 |
|---|---|---|---|---|---|---|
| OpenAI | GPT-5.5 United States / frontier Weighting signal tracked internally | 5.0000 | 30.0000 | 0.0889 | 0.5000 | official May 17, 2026, 12:00 AM |
| Anthropic | Claude Opus 4.7 United States / frontier Weighting signal tracked internally | 5.0000 | 25.0000 | 0.1000 | 0.5000 | official May 17, 2026, 12:00 AM |
| Gemini 3.1 Pro Preview United States / frontier Weighting signal tracked internally | 2.0000 | 12.0000 | 0.2222 | 0.2000 | official May 17, 2026, 12:00 AM | |
| 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 |
| xAI | Grok 4.3 United States / frontier Weighting signal tracked internally | 1.2500 | 2.5000 | 0.6400 | 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 |