Technology progress
Can lower TPI
Model efficiency, better domestic inference stacks, caching, distillation, and competition can push TPI down and TPX up.
TPX detail
China Token Purchasing Index
Token purchasing power for the same reviewed basket, measured in mTPD: million tokens per USD. Higher TPX means one dollar buys more AI inference tokens.
TPX mTPD
1.37
TPI price
$0.90
24h TPX change
0.00%
Last updated
May 18, 2026, 11:01 AM
TPX 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.
TPX Formula
TPX is calculated as weighted average million tokens per USD. It uses the same provider basket and weighting method as TPI, then expresses the result as purchasing power.
How TPX Moves
TPX rises when AI inference becomes cheaper. Technology progress, better chips, serving efficiency, and competition tend to push TPI down and TPX up. Compute scarcity, GPU bottlenecks, or heavy demand for frontier models can push TPI up and TPX down.
Basket Constituents
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 |