Hunyuan Hy4 vs Step 5 Preview
Tencent · China | StepFun · China · Updated June 2026
Quick verdict
Pick Hunyuan Hy4 for first hunyuan model with vision and computer use, adding image input to the text-only hy4 preview or tencent-reported gains over the preview of 19.1% on gamedev and 9.8% on gamelogic. Pick Step 5 Preview for sparse moe architecture — 600b total parameters, only 27b active per token — built for long-horizon agentic work across large codebases and documents or 1m-token context window (64k max output) at $1/$2.70 per million tokens, among the cheapest frontier-scale context windows available. Choose Step 5 Preview if you need self-hosting or data privacy; Hunyuan Hy4 if you want a managed API.
Hunyuan Hy4 (Tencent) and Step 5 Preview (StepFun) are two of the models people most often weigh against each other in 2026. Hunyuan Hy4 is tencent's November 4, 2026 full Hy4 release - a 1M-context model that adds vision and computer use at about $0.90/$2.70, with weights promised but not yet public. Step 5 Preview is stepFun's September 20, 2026 flagship preview — a 600B-parameter sparse MoE model (27B active) with a 1M-token context window at $1/$2.70 per million tokens, with open weights published October 15. They diverge most on price, context window and open vs. closed weights — each quantified below from the models' real specs.
Key differences at a glance
- ▸Price: nearly identical — $0.9/$2.7 per 1M tokens vs $1/$2.7 per 1M tokens. Cost will not be the deciding factor here.
- ▸Context window: 1M tokens vs 1M tokens — within a few percent of each other, so treat this as a tie and test on your own long inputs, since usable recall varies by model.
- ▸Recency: Hunyuan Hy4 is the newer model by about 45 days (released November 4, 2026), usually meaning fresher training data and capabilities.
Side-by-side specs
| Spec | Hunyuan Hy4 | Step 5 Preview |
|---|---|---|
| Provider | Tencent (China) | StepFun (China) |
| Released | November 4, 2026 | September 20, 2026 |
| Context window | 1M tokens (~1,573 pages) | 1M tokens (~1,500 pages) |
| Price (in/out) | $0.9/$2.7 per 1M tokens | $1/$2.7 per 1M tokens |
| Open weight? | No — API only | Yes — self-hostable |
| Modalities | text, image, code | text, image, code |
| SWE-Bench Verified | Not published | Not published |
| MRCR v2 @ 1M | Not published | Not published |
Who wins what
First Hunyuan model with vision and computer use, adding image input to the text-only Hy4 Preview
Hunyuan Hy4
Step 5 Preview is comparatively weak here — trails closed frontier models on coding — 67.7% on DeepSWE v1.1 vs GPT-6 Astra's 74.1% and Claude Opus 5's 74.0%
Tencent-reported gains over the preview of 19.1% on GameDev and 9.8% on GameLogic
Hunyuan Hy4
Step 5 Preview is comparatively weak here — a 'Preview' release, not StepFun's finished flagship — positioning and pricing may change
Tencent-reported financial evaluation of 3.04, ahead of DeepSeek V4.1 Flash 1017 at 2.97
Hunyuan Hy4
Step 5 Preview is comparatively weak here — stepCodeBench and DeepSWE figures are StepFun's own reported numbers, not yet independently reproduced at scale
Sparse MoE architecture — 600B total parameters, only 27B active per token — built for long-horizon agentic work across large codebases and documents
Step 5 Preview
StepFun's September 20, 2026 flagship preview — a 600B-parameter sparse MoE model (27B active) with a 1M-token context window at $1/$2.70 per million tokens, with open weights published October 15 — and its weights are open while Hunyuan Hy4 is API-only.
1M-token context window (64K max output) at $1/$2.70 per million tokens, among the cheapest frontier-scale context windows available
Step 5 Preview
Step 5 Preview lists 1M-token context window (64K max output) at $1/$2.70 per million tokens, among the cheapest frontier-scale context windows available among its strengths; Hunyuan Hy4 does not.
67.7% on DeepSWE v1.1, ahead of open-weight rivals Kimi K3 (67.5%) and GLM-5.3 (66.9%)
Step 5 Preview
Open weights make this possible at all — Hunyuan Hy4 is API-only, so it cannot leave the vendor's servers.
Lowest cost at scale
Hunyuan Hy4
At $0.9/$2.7 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Which should you pick?
A cost-sensitive startup shipping high volume
→ Hunyuan Hy4
At $0.9/$2.7 per 1M tokens it undercuts Step 5 Preview, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases
→ Hunyuan Hy4
Larger 1M tokens window fits more in one prompt.
A team with data-privacy or self-hosting needs
→ Step 5 Preview
Open weights let you run it on your own hardware; Hunyuan Hy4 is API-only.
Anyone whose priority is first hunyuan model with vision and computer use, adding image input to the text-only hy4 preview
→ Hunyuan Hy4
It is specifically built for that.
Anyone whose priority is sparse moe architecture — 600b total parameters, only 27b active per token — built for long-horizon agentic work across large codebases and documents
→ Step 5 Preview
That is its strongest area.
Hunyuan Hy4: where it fits
Tencent's November 4, 2026 full Hy4 release - a 1M-context model that adds vision and computer use at about $0.90/$2.70, with weights promised but not yet public. Released November 4, 2026 by Tencent, it is built for first Hunyuan model with vision and computer use, adding image input to the text-only Hy4 Preview, tencent-reported gains over the preview of 19.1% on GameDev and 9.8% on GameLogic, tencent-reported financial evaluation of 3.04, ahead of DeepSeek V4.1 Flash 1017 at 2.97, and about $0.90/$2.70 per million tokens, with 50% off on Tencent Cloud TokenHub through December 31, 2026 (OpenRouter lists $0.417/$1.25 with that discount).
Its trade-offs are real: weights not public as of November 5, 2026 - Tencent says weights and system cards will come in the coming days, and no license is announced yet, only the earlier Hy4 Preview is downloadable today (Apache 2.0), published improvements are Tencent's own and mostly relative to the preview, with no SWE-bench Verified figure, and sources differ on list price: Tencent says about $0.90/$2.70, while OpenRouter and Vals show $0.83/$2.50. At $0.9 in / $2.7 out per million tokens, it sits in the budget price band.
Step 5 Preview: where it fits
StepFun's September 20, 2026 flagship preview — a 600B-parameter sparse MoE model (27B active) with a 1M-token context window at $1/$2.70 per million tokens, with open weights published October 15. Released September 20, 2026 by StepFun, it is built for sparse MoE architecture — 600B total parameters, only 27B active per token — built for long-horizon agentic work across large codebases and documents, 1M-token context window (64K max output) at $1/$2.70 per million tokens, among the cheapest frontier-scale context windows available, 67.7% on DeepSWE v1.1, ahead of open-weight rivals Kimi K3 (67.5%) and GLM-5.3 (66.9%), and scores 44 on the Artificial Analysis Intelligence Index, ranking 27th of 653 models tracked.
Its trade-offs: trails closed frontier models on coding — 67.7% on DeepSWE v1.1 vs GPT-6 Astra's 74.1% and Claude Opus 5's 74.0%, weights are public under the StepFun Model License 1.0, which is Apache-2.0-style but adds attribution and commercial conditions, a 'Preview' release, not StepFun's finished flagship — positioning and pricing may change, and stepCodeBench and DeepSWE figures are StepFun's own reported numbers, not yet independently reproduced at scale. At $1 in / $2.7 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
The defining split here is open vs. closed. Step 5 Preview gives you weights you control — self-host it, fine-tune it, keep data in-house, pay only for hardware. Hunyuan Hy4 gives you a managed, always-updated API with no infrastructure to run. Teams with GPUs, privacy requirements, or huge volume often favour the open model; teams that want zero ops and the latest capabilities favour the closed one. Capability is close enough that this operational question, not the benchmark, usually decides it.
Want both Hunyuan Hy4 and Step 5 Preview 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.
See pricingFrequently asked questions
Is Hunyuan Hy4 or Step 5 Preview 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 leans toward first hunyuan model with vision and computer use, adding image input to the text-only hy4 preview while Step 5 Preview leans toward sparse moe architecture — 600b total parameters, only 27b active per token — built for long-horizon agentic work across large codebases and documents, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Hunyuan Hy4 or Step 5 Preview?
Step 5 Preview is open-weight, so self-hosting means no per-token fee (you pay for hardware instead), while Hunyuan Hy4 is API-metered at $0.9/$2.7 per 1M tokens. For most teams without GPUs, the API model is cheaper to start; at very high volume, self-hosting can win.
Which has the bigger context window?
Effectively neither — 1M tokens vs 1M tokens is a difference of a few percent. Remember advertised ≠ usable: recall typically degrades before the ceiling.
Can I use both Hunyuan Hy4 and Step 5 Preview together?
Yes — a multi-model platform like LumiChats gives you Hunyuan Hy4, Step 5 Preview 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 or Step 5 Preview?
Hunyuan Hy4 — released November 4, 2026, about 45 days after Step 5 Preview.
Related comparisons
Specifications and benchmarks reflect publicly reported figures as of June 2026 and may change as providers release updates. Always verify on your own workload.