Is GPT-5.4 Nano a good deal?

As of Sep 23, 2026, GPT-5.4 Nano is dominated for Balanced on LMArena. GPT-5.6 Luna scores 57.0 higher and costs 3% less, with a covering envelope. 13 of 136 rated, priced standard models are undominated.

Inspect model evidence Compare differences & requirements

GPT-5.6 Luna is both better and cheaper than GPT-5.4 Nano: 57.0 points higher on LMArena and 3% less per million tokens, $0.01 cheaper at this mix.

GPT-5.4 Nano takes file, image, text, returns up to 128,000 tokens from a 400,000-token context, and is listed by 4 sellers.

Compared against 136 rated, priced models on this lens: 1 model dominates it and gives up nothing, 5 more dominate it but give something up. GPT-5.4 Nano scores 1372.9 at $0.46 per million tokens for this mix.

Envelope-safe replacements

Each row scores at least as high, costs no more, and covers this model’s context, output, modalities, tools, and reasoning. A cheaper narrower model is not listed here.

Model	LMArena	Effective $/M	You save
GPT-5.6 Luna	1429.9 +57.0	$0.450/M	3%

Higher score, lower price, named losses

Not a drop-in. The loss is why these are not a recommendation.

Model	LMArena	Effective $/M	You give up
GLM 5.3 Flash	1471.9	$0.237/M	file
Gemma 4 31B	1441.7	$0.153/M	context, max output, file
Hy3	1440.6	$0.144/M	context, file, image
Gemma 4 26B A4B	1434.5	$0.143/M	context, file
DeepSeek V4 Flash 0423	1431.8	$0.103/M	file, image

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