Pick Fugu Ultra v2.0 for sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark or claims to outperform flagship models like gpt-6 astra and claude fable 5.1 despite its underlying orchestration pool reportedly excluding both of them. Pick Mistral Medium 3 for strong cost-to-capability at $0.40/$2.00 or general reasoning, coding and multimodal tasks. On a tight budget at scale, Mistral Medium 3 is the value pick.
Fugu Ultra v2.0 (Sakana AI) and Mistral Medium 3 (Mistral AI) are two of the models people most often weigh against each other in 2026. Fugu Ultra v2.0 is sakana AI's flagship multi-agent orchestration model, claiming best-or-joint-best results on 5 of 8 self-reported benchmarks against monolithic frontier models — $5/$30 per million tokens. Mistral Medium 3 is mistral's mid-tier model at $0.40/$2.00 — efficient general capability with a 128K window, below the 1M-context frontier tier. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences
Price: Mistral Medium 3 is about 13× cheaper on input ($0.4/$2 per 1M tokens vs $5/$30 per 1M tokens) — a large enough gap that at scale it can be the single biggest line item in the decision.
Context window: Fugu Ultra v2.0 holds 7.8× more — 1M tokens (~1,500 pages) vs 128K (~192 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
Recency: Fugu Ultra v2.0 is the newer model by about 16 months (released September 10, 2026), usually meaning fresher training data and capabilities.
Specifications
Spec
Fugu Ultra v2.0
Mistral Medium 3
Provider
Sakana AI (Global)
Mistral AI (France)
Released
September 10, 2026
May 7, 2025
Context window
1M tokens (~1,500 pages)
128K (~192 pages)
Price (in/out)
$5/$30 per 1M tokens
$0.4/$2 per 1M tokens
Open weight?
No — API only
No — API only
Modalities
text
text, image, code
SWE-Bench Verified
Not published
Not published
MRCR v2 @ 1M
Not published
Not published
Who wins what
Sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the DeepSWE coding-repair benchmark: Fugu Ultra v2.0 — Sakana AI's flagship multi-agent orchestration model, claiming best-or-joint-best results on 5 of 8 self-reported benchmarks against monolithic frontier models — $5/$30 per million tokens — and it carries the larger 1M tokens context.
Claims to outperform flagship models like GPT-6 Astra and Claude Fable 5.1 despite its underlying orchestration pool reportedly excluding both of them: Fugu Ultra v2.0 — Mistral Medium 3 is comparatively weak here — a 128K context — smaller than the 1M-window flagships here
1M-token context window: Fugu Ultra v2.0 — Its 1M tokens window holds about 7.8× more than Mistral Medium 3's 128K in a single prompt.
Strong cost-to-capability at $0.40/$2.00: Mistral Medium 3 — At $0.4/$2 per 1M tokens it undercuts Fugu Ultra v2.0 ($5/$30 per 1M tokens), and that gap compounds at volume.
General reasoning, coding and multimodal tasks: Mistral Medium 3 — Fugu Ultra v2.0 is comparatively weak here — not a single trained model — Sakana describes Fugu as "a Multi-Agent System, Delivered as One Model" that dynamically routes tasks across a pool of other models, so head-to-head benchmark framing against monolithic frontier models should be read skeptically
Efficient mid-tier deployment for production workloads: Mistral Medium 3 — Mistral's mid-tier model at $0.40/$2.00 — efficient general capability with a 128K window, below the 1M-context frontier tier — and it runs cheaper at $0.4/$2 per 1M tokens.
Lowest cost at scale: Mistral Medium 3 — At $0.4/$2 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input: Fugu Ultra v2.0 — Its 1M tokens window is about 7.8× larger than Mistral Medium 3's 128K, fitting roughly 1,500 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume: Mistral Medium 3 — At $0.4/$2 per 1M tokens it undercuts Fugu Ultra v2.0, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases: Fugu Ultra v2.0 — Larger 1M tokens window fits more in one prompt.
Anyone whose priority is sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark: Fugu Ultra v2.0 — It is specifically built for that.
Anyone whose priority is strong cost-to-capability at $0.40/$2.00: Mistral Medium 3 — That is its strongest area.
Fugu Ultra v2.0: where it fits
Sakana AI's flagship multi-agent orchestration model, claiming best-or-joint-best results on 5 of 8 self-reported benchmarks against monolithic frontier models — $5/$30 per million tokens. Released September 10, 2026 by Sakana AI, it is built for sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the DeepSWE coding-repair benchmark, claims to outperform flagship models like GPT-6 Astra and Claude Fable 5.1 despite its underlying orchestration pool reportedly excluding both of them, and 1M-token context window.
Its trade-offs are real: not a single trained model — Sakana describes Fugu as "a Multi-Agent System, Delivered as One Model" that dynamically routes tasks across a pool of other models, so head-to-head benchmark framing against monolithic frontier models should be read skeptically, pricing rises to roughly $10/$45 per million tokens for prompts above 272K tokens, and benchmark comparisons against GPT-6 Astra and Claude Fable 5.1 are Sakana's own self-reported figures, not independently verified head-to-head scores. At $5 in / $30 out per million tokens, it sits in the premium price band.
Mistral Medium 3: where it fits
Mistral's mid-tier model at $0.40/$2.00 — efficient general capability with a 128K window, below the 1M-context frontier tier. Released May 7, 2025 by Mistral AI, it is built for strong cost-to-capability at $0.40/$2.00, general reasoning, coding and multimodal tasks, efficient mid-tier deployment for production workloads, and text and image input.
Its trade-offs: a 128K context — smaller than the 1M-window flagships here, no published SWE-Bench Verified score, a mid-tier model, not a frontier reasoner, and proprietary, unlike Mistral's open-weight releases. At $0.4 in / $2 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
Fugu Ultra v2.0 and Mistral Medium 3 overlap enough that the right pick depends on your specific job. Mistral Medium 3 costs less per token; Fugu Ultra v2.0 holds the larger context; and each leads in its own area — Fugu Ultra v2.0 for sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark, Mistral Medium 3 for strong cost-to-capability at $0.40/$2.00. Rather than crowning one, run the same hard task through both once and let the results decide.
Frequently asked questions
Is Fugu Ultra v2.0 or Mistral Medium 3 better for coding?
Public SWE-Bench figures are not available for either model, so the honest test is your own repository — run an identical real bug through both. By design, Fugu Ultra v2.0 leans toward sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark while Mistral Medium 3 leans toward strong cost-to-capability at $0.40/$2.00, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Fugu Ultra v2.0 or Mistral Medium 3?
Mistral Medium 3 is cheaper — $5/$30 per 1M tokens vs $0.4/$2 per 1M tokens, roughly 13× apart on input.
Which has the bigger context window?
Fugu Ultra v2.0 — 1M tokens vs 128K, about 7.8× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Fugu Ultra v2.0 and Mistral Medium 3 together?
Yes — a multi-model platform like LumiChats gives you Fugu Ultra v2.0, Mistral Medium 3 and 40+ others under one ₹69/day pass (about $1/day), so you can draft with one and cross-check with the other instead of buying two subscriptions.
Which is newer, Fugu Ultra v2.0 or Mistral Medium 3?
Fugu Ultra v2.0 — released September 10, 2026, about 16 months after Mistral Medium 3.
Fugu Ultra v2.0 vs Mistral Medium 3
Sakana AI · Global | Mistral AI · France · Updated June 2026
Quick verdict
Pick Fugu Ultra v2.0 for sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark or claims to outperform flagship models like gpt-6 astra and claude fable 5.1 despite its underlying orchestration pool reportedly excluding both of them. Pick Mistral Medium 3 for strong cost-to-capability at $0.40/$2.00 or general reasoning, coding and multimodal tasks. On a tight budget at scale, Mistral Medium 3 is the value pick.
Fugu Ultra v2.0 (Sakana AI) and Mistral Medium 3 (Mistral AI) are two of the models people most often weigh against each other in 2026. Fugu Ultra v2.0 is sakana AI's flagship multi-agent orchestration model, claiming best-or-joint-best results on 5 of 8 self-reported benchmarks against monolithic frontier models — $5/$30 per million tokens. Mistral Medium 3 is mistral's mid-tier model at $0.40/$2.00 — efficient general capability with a 128K window, below the 1M-context frontier tier. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences at a glance
▸Price: Mistral Medium 3 is about 13× cheaper on input ($0.4/$2 per 1M tokens vs $5/$30 per 1M tokens) — a large enough gap that at scale it can be the single biggest line item in the decision.
▸Context window: Fugu Ultra v2.0 holds 7.8× more — 1M tokens (~1,500 pages) vs 128K (~192 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
▸Recency: Fugu Ultra v2.0 is the newer model by about 16 months (released September 10, 2026), usually meaning fresher training data and capabilities.
Side-by-side specs
Spec
Fugu Ultra v2.0
Mistral Medium 3
Provider
Sakana AI (Global)
Mistral AI (France)
Released
September 10, 2026
May 7, 2025
Context window
1M tokens (~1,500 pages)
128K (~192 pages)
Price (in/out)
$5/$30 per 1M tokens
$0.4/$2 per 1M tokens
Open weight?
No — API only
No — API only
Modalities
text
text, image, code
SWE-Bench Verified
Not published
Not published
MRCR v2 @ 1M
Not published
Not published
Who wins what
Sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the DeepSWE coding-repair benchmark
Fugu Ultra v2.0
Sakana AI's flagship multi-agent orchestration model, claiming best-or-joint-best results on 5 of 8 self-reported benchmarks against monolithic frontier models — $5/$30 per million tokens — and it carries the larger 1M tokens context.
Claims to outperform flagship models like GPT-6 Astra and Claude Fable 5.1 despite its underlying orchestration pool reportedly excluding both of them
Fugu Ultra v2.0
Mistral Medium 3 is comparatively weak here — a 128K context — smaller than the 1M-window flagships here
1M-token context window
Fugu Ultra v2.0
Its 1M tokens window holds about 7.8× more than Mistral Medium 3's 128K in a single prompt.
Strong cost-to-capability at $0.40/$2.00
Mistral Medium 3
At $0.4/$2 per 1M tokens it undercuts Fugu Ultra v2.0 ($5/$30 per 1M tokens), and that gap compounds at volume.
General reasoning, coding and multimodal tasks
Mistral Medium 3
Fugu Ultra v2.0 is comparatively weak here — not a single trained model — Sakana describes Fugu as "a Multi-Agent System, Delivered as One Model" that dynamically routes tasks across a pool of other models, so head-to-head benchmark framing against monolithic frontier models should be read skeptically
Efficient mid-tier deployment for production workloads
Mistral Medium 3
Mistral's mid-tier model at $0.40/$2.00 — efficient general capability with a 128K window, below the 1M-context frontier tier — and it runs cheaper at $0.4/$2 per 1M tokens.
Lowest cost at scale
Mistral Medium 3
At $0.4/$2 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input
Fugu Ultra v2.0
Its 1M tokens window is about 7.8× larger than Mistral Medium 3's 128K, fitting roughly 1,500 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume
→ Mistral Medium 3
At $0.4/$2 per 1M tokens it undercuts Fugu Ultra v2.0, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases
→ Fugu Ultra v2.0
Larger 1M tokens window fits more in one prompt.
Anyone whose priority is sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark
→ Fugu Ultra v2.0
It is specifically built for that.
Anyone whose priority is strong cost-to-capability at $0.40/$2.00
→ Mistral Medium 3
That is its strongest area.
Fugu Ultra v2.0: where it fits
Sakana AI's flagship multi-agent orchestration model, claiming best-or-joint-best results on 5 of 8 self-reported benchmarks against monolithic frontier models — $5/$30 per million tokens. Released September 10, 2026 by Sakana AI, it is built for sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the DeepSWE coding-repair benchmark, claims to outperform flagship models like GPT-6 Astra and Claude Fable 5.1 despite its underlying orchestration pool reportedly excluding both of them, and 1M-token context window.
Its trade-offs are real: not a single trained model — Sakana describes Fugu as "a Multi-Agent System, Delivered as One Model" that dynamically routes tasks across a pool of other models, so head-to-head benchmark framing against monolithic frontier models should be read skeptically, pricing rises to roughly $10/$45 per million tokens for prompts above 272K tokens, and benchmark comparisons against GPT-6 Astra and Claude Fable 5.1 are Sakana's own self-reported figures, not independently verified head-to-head scores. At $5 in / $30 out per million tokens, it sits in the premium price band.
Mistral Medium 3: where it fits
Mistral's mid-tier model at $0.40/$2.00 — efficient general capability with a 128K window, below the 1M-context frontier tier. Released May 7, 2025 by Mistral AI, it is built for strong cost-to-capability at $0.40/$2.00, general reasoning, coding and multimodal tasks, efficient mid-tier deployment for production workloads, and text and image input.
Its trade-offs: a 128K context — smaller than the 1M-window flagships here, no published SWE-Bench Verified score, a mid-tier model, not a frontier reasoner, and proprietary, unlike Mistral's open-weight releases. At $0.4 in / $2 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
Fugu Ultra v2.0 and Mistral Medium 3 overlap enough that the right pick depends on your specific job. Mistral Medium 3 costs less per token; Fugu Ultra v2.0 holds the larger context; and each leads in its own area — Fugu Ultra v2.0 for sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark, Mistral Medium 3 for strong cost-to-capability at $0.40/$2.00. Rather than crowning one, run the same hard task through both once and let the results decide.
Want both Fugu Ultra v2.0 and Mistral Medium 3 without two subscriptions? LumiChats gives you these plus 40+ models under one ₹69/day pass (about $1/day) — draft with one, cross-check with the other.
Is Fugu Ultra v2.0 or Mistral Medium 3 better for coding?
Public SWE-Bench figures are not available for either model, so the honest test is your own repository — run an identical real bug through both. By design, Fugu Ultra v2.0 leans toward sakana's own evaluation reports best-or-joint-best results on 5 of 8 benchmarks tested, including a 74.3 on the deepswe coding-repair benchmark while Mistral Medium 3 leans toward strong cost-to-capability at $0.40/$2.00, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Fugu Ultra v2.0 or Mistral Medium 3?
Mistral Medium 3 is cheaper — $5/$30 per 1M tokens vs $0.4/$2 per 1M tokens, roughly 13× apart on input.
Which has the bigger context window?
Fugu Ultra v2.0 — 1M tokens vs 128K, about 7.8× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Fugu Ultra v2.0 and Mistral Medium 3 together?
Yes — a multi-model platform like LumiChats gives you Fugu Ultra v2.0, Mistral Medium 3 and 40+ others under one ₹69/day pass (about $1/day), so you can draft with one and cross-check with the other instead of buying two subscriptions.
Which is newer, Fugu Ultra v2.0 or Mistral Medium 3?
Fugu Ultra v2.0 — released September 10, 2026, about 16 months after Mistral Medium 3.
Specifications and benchmarks reflect publicly reported figures as of June 2026 and may change as providers release updates. Always verify on your own workload.