Anthropic's price list looks almost boringly flat. Five models, four of them clustered between $1 and $10 per million input tokens, and one workhorse — Claude Sonnet 5 — sitting at $2/$10 since August 2026. Compared with OpenAI's thirteen tiers and Google's introductory discounts, it reads like a company that has stopped competing on price.
That reading is wrong, and it costs teams money in both directions. Three rules inside Anthropic's pricing decide whether Claude is the expensive option or the cheap one: a cache-write premium that is the highest in the market, a cache-read cut on the flagship that is the deepest, and the absence of a long-context surcharge up to one million tokens. The last one alone can halve a bill against a comparable OpenAI model.

| Model | Input | Cached | Write | Output | Context | Batch |
|---|---|---|---|---|---|---|
| Claude Fable 5.1 | $10.00 | $0.25 | $12.50 | $50.00 | 1M | Yes |
| Claude Opus 5 | $5.00 | $0.50 | $6.25 | $25.00 | 1M | Yes |
| Claude Sonnet 5 | $2.00 | $0.20 | $2.50 | $10.00 | 1M | Yes |
| Claude Sonnet 4.6 | $3.00 | $0.30 | $3.75 | $15.00 | 1M | Yes |
| Claude Haiku 4.5 | $1.00 | $0.10 | $1.25 | $5.00 | 200K | Yes |
Verified October 2026. Fable 5.1 shipped on 1 September 2026 and cut its cached-read rate by 75%, from $1.00 to $0.25. Sonnet 5's $2/$10 was confirmed permanent on 10 August 2026. Opus 5 kept Opus 4.8's rates when it launched on 24 July 2026.
The first workload is a support assistant: 1,000 conversations, 4,000 input tokens and 600 output tokens each. The second is a RAG pipeline that reuses a 45,000-token retrieval block on a 50,000-token prompt, with a 1,000-token answer.
| Model | Support chat | Cached RAG | Cache saving on RAG |
|---|---|---|---|
| Claude Fable 5.1 | $70.00 | $111.80 | −66% |
| Claude Opus 5 | $35.00 | $72.76 | −63% |
| Claude Sonnet 5 | $14.00 | $29.10 | −74% |
| Claude Sonnet 4.6 | $21.00 | $43.66 | −73% |
| Claude Haiku 4.5 | $7.00 | $14.55 | −69% |
Without caching, that RAG workload on Sonnet 5 costs $110: 50 million input tokens at $2 plus one million output at $10. With caching it costs $29.10. The saving is not a marginal optimisation — it is a different product economics, and it comes almost entirely from the cached-input rate being 10% of base.
Anthropic charges more than anyone to write a cache. Fable 5.1 bills $12.50 per million tokens to store a prefix, against a $10 base input rate. Sonnet 5 bills $2.50 against $2.00. That is a 25% premium, and it looks like a penalty until you do the division.
break-even calls = write rate ÷ (input rate − cached rate)
For Sonnet 5: 2.50 ÷ (2.00 − 0.20) = 1.39. For Opus 5: 6.25 ÷ 4.50 = 1.39. For Haiku 4.5: 1.25 ÷ 0.90 = 1.39. The number is identical across the range because Anthropic prices the write at exactly 1.25× input and the read at exactly 10%.
The practical rule is therefore unusually clean: if a prefix is reused twice, cache it. Not ten times — twice. A support bot that handles ten conversations an hour with the same 3,000-token system prompt is throwing away roughly 85% of its input spend.
Fable 5.1 is the exception that proves the rule. Its cached read is $0.25 — 2.5% of base, not 10% — because of the September cut. Break-even there is 12.50 ÷ 9.75 = 1.28 calls. Anthropic's most expensive model has the fastest cache payback in its own lineup.
This is where Anthropic separates from OpenAI. Claude bills the same rate at 900,000 tokens as at 9,000. OpenAI moves every GPT-6 model to a long-context tier above 272,000 input tokens, where GPT-6 Sol doubles from $2/$10 to $4/$15.
Put a 500,000-token document in front of both:
| Model | 500K input | 2K output | Cost per call |
|---|---|---|---|
| Claude Sonnet 5 | $1.00 | $0.02 | $1.02 |
| GPT-6 Sol (long-context tier) | $2.00 | $0.03 | $2.03 |
| Claude Opus 5 | $2.50 | $0.05 | $2.55 |
| GPT-6 Astra (long-context tier) | $10.00 | $0.15 | $10.15 |
At 500K tokens, Sonnet 5 is exactly half the price of GPT-6 Sol — despite identical sticker rates. The difference is not a discount; it is the absence of a surcharge. For contract review, codebase analysis, long audio transcripts or multi-document research, that gap compounds across every call.
Google applies a similar surcharge above 200,000 tokens on Gemini 3.1 Pro and both Grok models, so the pattern is industry-wide. Anthropic is currently the only major provider that sells a full million-token window at a flat rate — and it is the single strongest reason to choose Claude for long-document work. The mechanics are in long-context cost explained.
All five models support the Batch API at roughly 50% off input and output. A nightly classification job of 10,000 requests — 10,000 input and 2,000 output tokens each — costs $400 on Sonnet 5 at list and $200 in batch. Nothing about the model changes; only the deadline does.
$2.00 input, $10.00 output, $0.20 cached input and $2.50 to write a cache entry. Batch mode halves input and output. There is no long-context surcharge at any point up to the 1M window.
At identical sticker prices — $2/$10 for both Sonnet 5 and GPT-6 Sol — the answer depends on prompt length. Below 272K tokens they are close, with GPT-6.1 Sol slightly ahead thanks to a $0.10 cached rate. Above 272K, Claude is half the price because OpenAI doubles its rates and Anthropic does not.
It is 1.25× the input rate on every model, which is higher than Google's and DeepSeek's (both zero) and OpenAI's (also 1.25×). It still pays back on the second reuse, so the premium matters only for prompts used exactly once.
No. Haiku 4.5 caps at 200,000 tokens; every other Claude model in this dataset reaches 1,000,000.
All rates come from the dataset behind the free LLM cost calculator. See all Anthropic models and rates for the full table with cache and batch columns.