Pick Hunyuan Hy4 Preview for gpqa diamond (92.3) or terminal-bench (85.4). Pick Mistral Large 3 for open-weight (apache 2.0), self-hostable or strong multilingual performance. On a tight budget at scale, Mistral Large 3 is the value pick.
Hunyuan Hy4 Preview (Tencent, China) and Mistral Large 3 (Mistral, France) line up two different AI ecosystems against each other — a comparison that is as much about cost philosophy and openness as raw capability. Hunyuan Hy4 Preview is tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline. Mistral Large 3 is france's frontier contender — strong multilingual model with European data residency. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences
Price: Mistral Large 3 is about 1.7× cheaper on input ($0.5/$1.5 per 1M tokens vs $0.834/$2.501 per 1M tokens) — modest, but it adds up at steady volume.
Context window: Hunyuan Hy4 Preview holds 3.9× more — 1M+ tokens (~1,500 pages) vs 256K (~384 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
Recency: Hunyuan Hy4 Preview is the newer model by about 9 months (released August 28, 2026), usually meaning fresher training data and capabilities.
Ecosystem: this is a China-vs-France matchup — they differ in pricing philosophy, data-residency options, and tooling ecosystems, not only benchmarks.
Specifications
Spec
Hunyuan Hy4 Preview
Mistral Large 3
Provider
Tencent (China)
Mistral (France)
Released
August 28, 2026
December 2, 2025
Context window
1M+ tokens (~1,500 pages)
256K (~384 pages)
Price (in/out)
$0.834/$2.501 per 1M tokens
$0.5/$1.5 per 1M tokens
Open weight?
Yes — self-hostable
Yes — self-hostable
Modalities
text
text, image, code
SWE-Bench Verified
Not published
Not published
MRCR v2 @ 1M
Not published
Not published
Who wins what
GPQA Diamond (92.3): Hunyuan Hy4 Preview — Tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline — and it carries the larger 1M+ tokens context.
Terminal-Bench (85.4): Hunyuan Hy4 Preview — Mistral Large 3 is comparatively weak here — less benchmark coverage
SWE-bench Multilingual (82.9): Hunyuan Hy4 Preview — Tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline — and it is the newer of the two.
Open-weight (Apache 2.0), self-hostable: Mistral Large 3 — France's frontier contender — strong multilingual model with European data residency — and it runs cheaper at $0.5/$1.5 per 1M tokens.
Strong multilingual performance: Mistral Large 3 — Mistral Large 3 lists strong multilingual performance among its strengths; Hunyuan Hy4 Preview does not.
Efficient inference: Mistral Large 3 — Mistral Large 3 lists efficient inference among its strengths; Hunyuan Hy4 Preview does not.
Lowest cost at scale: Mistral Large 3 — At $0.5/$1.5 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input: Hunyuan Hy4 Preview — Its 1M+ tokens window is about 3.9× larger than Mistral Large 3's 256K, fitting roughly 1,500 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume: Mistral Large 3 — At $0.5/$1.5 per 1M tokens it undercuts Hunyuan Hy4 Preview, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases: Hunyuan Hy4 Preview — Larger 1M+ tokens window fits more in one prompt.
Anyone whose priority is gpqa diamond (92.3): Hunyuan Hy4 Preview — It is specifically built for that.
Anyone whose priority is open-weight (apache 2.0), self-hostable: Mistral Large 3 — That is its strongest area.
An enterprise with regional data-residency rules: Mistral Large 3 or Hunyuan Hy4 Preview — Origin (China vs France) affects where data is processed and which compliance regime applies — check the provider's terms for your region.
Hunyuan Hy4 Preview: where it fits
Tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline. Released August 28, 2026 by Tencent, it is built for gPQA Diamond (92.3), terminal-Bench (85.4), sWE-bench Multilingual (82.9), and large jump in long-horizon coding vs prior Hunyuan model (DeepSWE 28.0 to 64.3).
Its trade-offs are real: text-only, no native vision support, labeled a 'preview', not yet Tencent's finalized GA flagship, and sWE-Marathon score still low in absolute terms (31.9) despite a large relative jump. At $0.834 in / $2.501 out per million tokens, it sits in the budget price band.
Mistral Large 3: where it fits
France's frontier contender — strong multilingual model with European data residency. Released December 2, 2025 by Mistral, it is built for open-weight (Apache 2.0), self-hostable, strong multilingual performance, efficient inference, and function calling.
Its trade-offs: smaller context than US/China frontier, and less benchmark coverage. At $0.5 in / $1.5 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
This is less "which is smarter" and more "which ecosystem fits." Hunyuan Hy4 Preview (China) and Mistral Large 3 (France) differ on pricing philosophy, data-residency, and tooling as much as on raw scores. Mistral Large 3 is the cheaper option, which matters at volume. The pragmatic move is to run one real task through both and judge the outputs against your own constraints — including where your data is allowed to be processed.
Frequently asked questions
Is Hunyuan Hy4 Preview or Mistral Large 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, Hunyuan Hy4 Preview leans toward gpqa diamond (92.3) while Mistral Large 3 leans toward open-weight (apache 2.0), self-hostable, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Hunyuan Hy4 Preview or Mistral Large 3?
Mistral Large 3 is cheaper — $0.834/$2.501 per 1M tokens vs $0.5/$1.5 per 1M tokens, roughly 1.7× apart on input.
Which has the bigger context window?
Hunyuan Hy4 Preview — 1M+ tokens vs 256K, about 3.9× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Hunyuan Hy4 Preview and Mistral Large 3 together?
Yes — a multi-model platform like LumiChats gives you Hunyuan Hy4 Preview, Mistral Large 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, Hunyuan Hy4 Preview or Mistral Large 3?
Hunyuan Hy4 Preview — released August 28, 2026, about 9 months after Mistral Large 3.
Hunyuan Hy4 Preview vs Mistral Large 3
Tencent · China | Mistral · France · Updated June 2026
Quick verdict
Pick Hunyuan Hy4 Preview for gpqa diamond (92.3) or terminal-bench (85.4). Pick Mistral Large 3 for open-weight (apache 2.0), self-hostable or strong multilingual performance. On a tight budget at scale, Mistral Large 3 is the value pick.
Hunyuan Hy4 Preview (Tencent, China) and Mistral Large 3 (Mistral, France) line up two different AI ecosystems against each other — a comparison that is as much about cost philosophy and openness as raw capability. Hunyuan Hy4 Preview is tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline. Mistral Large 3 is france's frontier contender — strong multilingual model with European data residency. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences at a glance
▸Price: Mistral Large 3 is about 1.7× cheaper on input ($0.5/$1.5 per 1M tokens vs $0.834/$2.501 per 1M tokens) — modest, but it adds up at steady volume.
▸Context window: Hunyuan Hy4 Preview holds 3.9× more — 1M+ tokens (~1,500 pages) vs 256K (~384 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
▸Recency: Hunyuan Hy4 Preview is the newer model by about 9 months (released August 28, 2026), usually meaning fresher training data and capabilities.
▸Ecosystem: this is a China-vs-France matchup — they differ in pricing philosophy, data-residency options, and tooling ecosystems, not only benchmarks.
Side-by-side specs
Spec
Hunyuan Hy4 Preview
Mistral Large 3
Provider
Tencent (China)
Mistral (France)
Released
August 28, 2026
December 2, 2025
Context window
1M+ tokens (~1,500 pages)
256K (~384 pages)
Price (in/out)
$0.834/$2.501 per 1M tokens
$0.5/$1.5 per 1M tokens
Open weight?
Yes — self-hostable
Yes — self-hostable
Modalities
text
text, image, code
SWE-Bench Verified
Not published
Not published
MRCR v2 @ 1M
Not published
Not published
Who wins what
GPQA Diamond (92.3)
Hunyuan Hy4 Preview
Tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline — and it carries the larger 1M+ tokens context.
Terminal-Bench (85.4)
Hunyuan Hy4 Preview
Mistral Large 3 is comparatively weak here — less benchmark coverage
SWE-bench Multilingual (82.9)
Hunyuan Hy4 Preview
Tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline — and it is the newer of the two.
Open-weight (Apache 2.0), self-hostable
Mistral Large 3
France's frontier contender — strong multilingual model with European data residency — and it runs cheaper at $0.5/$1.5 per 1M tokens.
Strong multilingual performance
Mistral Large 3
Mistral Large 3 lists strong multilingual performance among its strengths; Hunyuan Hy4 Preview does not.
Efficient inference
Mistral Large 3
Mistral Large 3 lists efficient inference among its strengths; Hunyuan Hy4 Preview does not.
Lowest cost at scale
Mistral Large 3
At $0.5/$1.5 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input
Hunyuan Hy4 Preview
Its 1M+ tokens window is about 3.9× larger than Mistral Large 3's 256K, fitting roughly 1,500 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume
→ Mistral Large 3
At $0.5/$1.5 per 1M tokens it undercuts Hunyuan Hy4 Preview, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases
→ Hunyuan Hy4 Preview
Larger 1M+ tokens window fits more in one prompt.
Anyone whose priority is gpqa diamond (92.3)
→ Hunyuan Hy4 Preview
It is specifically built for that.
Anyone whose priority is open-weight (apache 2.0), self-hostable
→ Mistral Large 3
That is its strongest area.
An enterprise with regional data-residency rules
→ Mistral Large 3 or Hunyuan Hy4 Preview
Origin (China vs France) affects where data is processed and which compliance regime applies — check the provider's terms for your region.
Hunyuan Hy4 Preview: where it fits
Tencent's open-sourced (Apache 2.0) next-generation Hunyuan flagship preview, released August 28, 2026 as a 770B-parameter (49B active) MoE model that helped optimize its own training pipeline. Released August 28, 2026 by Tencent, it is built for gPQA Diamond (92.3), terminal-Bench (85.4), sWE-bench Multilingual (82.9), and large jump in long-horizon coding vs prior Hunyuan model (DeepSWE 28.0 to 64.3).
Its trade-offs are real: text-only, no native vision support, labeled a 'preview', not yet Tencent's finalized GA flagship, and sWE-Marathon score still low in absolute terms (31.9) despite a large relative jump. At $0.834 in / $2.501 out per million tokens, it sits in the budget price band.
Mistral Large 3: where it fits
France's frontier contender — strong multilingual model with European data residency. Released December 2, 2025 by Mistral, it is built for open-weight (Apache 2.0), self-hostable, strong multilingual performance, efficient inference, and function calling.
Its trade-offs: smaller context than US/China frontier, and less benchmark coverage. At $0.5 in / $1.5 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
This is less "which is smarter" and more "which ecosystem fits." Hunyuan Hy4 Preview (China) and Mistral Large 3 (France) differ on pricing philosophy, data-residency, and tooling as much as on raw scores. Mistral Large 3 is the cheaper option, which matters at volume. The pragmatic move is to run one real task through both and judge the outputs against your own constraints — including where your data is allowed to be processed.
Want both Hunyuan Hy4 Preview and Mistral Large 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 Hunyuan Hy4 Preview or Mistral Large 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, Hunyuan Hy4 Preview leans toward gpqa diamond (92.3) while Mistral Large 3 leans toward open-weight (apache 2.0), self-hostable, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Hunyuan Hy4 Preview or Mistral Large 3?
Mistral Large 3 is cheaper — $0.834/$2.501 per 1M tokens vs $0.5/$1.5 per 1M tokens, roughly 1.7× apart on input.
Which has the bigger context window?
Hunyuan Hy4 Preview — 1M+ tokens vs 256K, about 3.9× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Hunyuan Hy4 Preview and Mistral Large 3 together?
Yes — a multi-model platform like LumiChats gives you Hunyuan Hy4 Preview, Mistral Large 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, Hunyuan Hy4 Preview or Mistral Large 3?
Hunyuan Hy4 Preview — released August 28, 2026, about 9 months after Mistral Large 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.