GPT-5.4 Image 2 vs Fugu Ultra

GPT-5.4 Image 2 at $9.20 in and $17.25 out and Fugu Ultra at $5.75 in and $34.50 out — per million tokens, from the same wallet.

GPT-5.4 Image 2

OpenAI

$0.06

for a client proposal

$9.20 in · $17.25 out / 1M

272K context · released 4 months ago

Full page →

Fugu Ultra

Sakana

$0.06

for a client proposal

$5.75 in · $34.50 out / 1M

1M context · released 2 months ago

Full page →

Asking all both at once — identical prompt, identical context — costs about $0.12 for a typical client proposal.

At a glance

Cheapest input: Fugu Ultra at $5.75 per million tokens.
Cheapest output: GPT-5.4 Image 2 at $17.25 per million tokens.
Largest context: Fugu Ultra at 1M tokens — about 1,400 pages.

Cost per task

Estimated totals at the rates above. Solid bar is input, lighter bar is output.

Quick code fix

2K in · 500 out

GPT-5.4 Image 2

2.7¢

Fugu Ultra

2.9¢

Draft a client proposal from notes

5K in · 800 out

GPT-5.4 Image 2

$0.06

Fugu Ultra

$0.06

Context-heavy session (Alyph workspace)

155K in · 4K out

GPT-5.4 Image 2

$1.50

Fugu Ultra

$1.03

Analyze a 50-page legal contract

35K in · 1K out

GPT-5.4 Image 2

$0.34

Fugu Ultra

$0.24

Large architecture refactor

250K in · 3K out

GPT-5.4 Image 2

$2.35

Fugu Ultra

$1.54

Solid part of each bar is input tokens, the lighter part is output. Models that don’t fit a task are marked instead of priced.

Cost vs Token Amount

Drag the slider to adjust the split between input and output workload.

80% Input20% Output

GPT-5.4 Image 2

Fugu Ultra

Adjust the ratio slider to change how output tokens influence the final price for equivalent workloads.

Pricing

GPT-5.4 Image 2

Fugu Ultra

Input / 1M tokens

$9.20

$5.75

Output / 1M tokens

$17.25

$34.50

Cached input / 1M

$2.30

$0.575

Web search

1.1¢ / search

Specs

GPT-5.4 Image 2

Fugu Ultra

Provider

OpenAI

Sakana

Released

4 months ago

2 months ago

Context window

272K

Max output

128K

Input

Images, Text, and Files

Text and Images

Output

Images and Text

Text

Reasoning

Shows its thinking

Knowledge cutoff

—

Try it with real numbers

2K tokens in · 500 tokens out.

GPT-5.4 Image 2

OpenAI

2.7¢

for this task

68% input · 32% output

Full pricing →

Fugu Ultra

Sakana

2.9¢

for this task

40% input · 60% output

Full pricing →

All 2, same prompt and context: $0.06. That is the entire cost of the comparison.

Your $5 welcome credit covers about 89 of these.

Which should you pick?

For long documents, Fugu Ultra has the largest context window here — 1M tokens.

On price, Fugu Ultra is the cheapest of the two on a typical task, at about $0.06.

Or don’t pick. Send the identical prompt to all both, read the answers side by side, and keep the winner. How to run a fair bake-off →

GPT-5.4 Image 2 pricing →Fugu Ultra pricing →Add Lyria 3 Clip Preview Add Grok 4.20

Questions, answered

Which is cheaper, GPT-5.4 Image 2 or Fugu Ultra?

On a typical client proposal (5K tokens in, 800 out): Fugu Ultra at $0.06; GPT-5.4 Image 2 at $0.06. Long prompts can change the order when long-context rates apply.

Which has the largest context window?

Fugu Ultra — 1M tokens, about 1,400 pages.

Can I run GPT-5.4 Image 2 and Fugu Ultra side by side on Alyph?

Yes — that is what Alyph is built for: the identical prompt with identical context to all 2, answers rendered side by side, billed from one wallet. This exact combination costs about $0.12 for a typical task.

Ask both at once

Identical prompt, identical context, answers side by side — about $0.12 for a typical client proposal. Free to start, with $5 of credit.