If you’re choosing one cheap model to drive a coding agent, MiniMax M2.5, DeepSeek V4, and GLM-5 are the three that come up most. All three are far below frontier-model cost and all three run with Claude Code, Codex CLI, and OpenCode. The right choice comes down to your usage pattern and what you value — raw cost, agent throughput, or predictable billing.
This compares them honestly with a clear recommendation. For setup, see the per-model guides linked throughout.
At a glance
Three cheap agent models (verify current rates on official pages)
| MiniMax M2.5 | Built for agentic coding; fast MoE; very low pay-per-token |
|---|---|
| DeepSeek V4 | Cheapest all-rounder; thinking mode; pay-per-token + discounts |
| GLM-5 | Capable across the board; flat coding plan from $18/mo + pay-per-token |
MiniMax M2.5: the agent specialist
MiniMax designed the M2 family for end-to-end agentic work, and it shows — multi-step tasks run smoothly and fast thanks to its efficient mixture-of-experts design. Pay-per-token rates are very low, with automatic caching. If your main use is an agent grinding through multi-file tasks, M2.5 is purpose-fit. Setup: run MiniMax M2.5 with Claude Code.
DeepSeek V4: the cheapest all-rounder
DeepSeek is the budget benchmark: pure pay-per-token at rock-bottom rates, plus a thinking mode (deepseek-reasoner) for harder problems, cache-hit discounts, and an off-peak window. No flat plan, which is ideal for light or bursty use. It also has an Anthropic-compatible endpoint, so Claude Code setup is proxy-free. Setup: run DeepSeek V4 with Claude Code.
GLM-5: best flat-rate value
GLM-5 is strong across reasoning and coding, but its standout is billing: the GLM Coding Plan from $18/month makes it the cheapest option for heavy, daily, predictable use. It also has an Anthropic-compatible endpoint. The catch is the rolling usage window on the plan. Setup: run GLM-5 with Claude Code.
How to choose
The deciding factor is usually your cost model, not raw capability:
- Light or bursty use → DeepSeek or MiniMax pay-per-token. You pay only for what you run.
- Heavy daily use → GLM Coding Plan. A flat fee beats metered tokens once you’re using it a lot.
- Agent-heavy, multi-step workflows → MiniMax M2.5 for throughput, DeepSeek for the cheapest tokens.
- Hard reasoning tasks → DeepSeek’s thinking mode or GLM-5.
The recommendation
- Cheapest tokens, light use: DeepSeek V4.
- Best agent throughput: MiniMax M2.5.
- Best flat-rate for heavy use: GLM-5 Coding Plan.
If you want one safe default, DeepSeek pay-per-token is the lowest-risk starting point; switch to GLM’s plan once your usage is consistently heavy.
Pick your agent model
- Estimate your monthly usage and how bursty it is
- Light/bursty → DeepSeek or MiniMax pay-per-token
- Heavy/daily → GLM Coding Plan
- Agent-heavy → MiniMax M2.5; hard reasoning → DeepSeek/GLM
- Consider a router to mix models
Wrapping up
MiniMax M2.5, DeepSeek V4, and GLM-5 are all excellent cheap choices for coding agents, and the best one depends on how you pay more than how they perform: DeepSeek for the cheapest light-use tokens, MiniMax for agent throughput, GLM for flat-rate heavy use. A router lets you blend them. Verify current rates on each vendor’s page before deciding.
For the broader cost question, see cheapest AI coding API in 2026 and coding plans vs pay-per-token.
