# Tencent Hy4 vs MiniMax API

> Tencent Hy4 scores 64 (B) to MiniMax's 56.5 (C) for llm inference. Prices, MCP, x402, uptime and agent notes side by side.

- Canonical: https://www.anchorterminal.com/compare/hy4-vs-minimax-api
- Markdown: https://www.anchorterminal.com/compare/hy4-vs-minimax-api.md (~6,750 tokens)
- Site index for agents: https://www.anchorterminal.com/llms.txt (the key docs and every listing in one file, at most 16 MB, about 4 million tokens: https://www.anchorterminal.com/llms-full.txt)
- API: https://www.anchorterminal.com/api/v1/index.json
- MCP: https://www.anchorterminal.com/mcp (the whole catalogue as tools, no key)
- DNS: dig +short TXT <slug>.grade.anchorterminal.com (the grade as a DNS TXT record, for a sandbox with no HTTP where names still resolve; also top., best.<category>. and <a>.vs.<b>. under the zone, and the same under grade.letme.dev)
- Licence: CC BY 4.0, credit Anchor Terminal and link this page (https://www.anchorterminal.com/terms/#data)
- Updated: 2026-11-13

Tencent Hy4 scores 64 (B) on agent readiness against MiniMax API's 56.5 (C), and leads in 4 of 7 scored categories. MiniMax API leads on reliability, schema & documentation and transparency & trust. Both do llm inference.

- Tencent Hy4: grade B, 64/100, rank #595 of 1524. Markdown https://www.anchorterminal.com/tools/hy4.md · JSON https://www.anchorterminal.com/api/v1/tools/hy4.json
- MiniMax API: grade C, 56.5/100, rank #914 of 1524. Markdown https://www.anchorterminal.com/tools/minimax-api.md · JSON https://www.anchorterminal.com/api/v1/tools/minimax-api.json
- Best model APIs and inference for AI agents: https://www.anchorterminal.com/best/inference/index.md
- All 1044 models comparisons: https://www.anchorterminal.com/compare/inference/index.md

## Which one, for what

### Tencent Hy4 (B)

Good for: Long-context agent work, coding and office or finance tasks on a 1M-token context with images, for teams already on Tencent Cloud or happy to verify an account there.

Ahead on:
- Agent ergonomics, 86 against 59
- Security & auth, 71 against 30
- Payments & pricing, 45 against 30
- Maintenance & community, 73 against 45

Watch for: Weights, licence and system card are promised but not published; tencent/Hy4 didn't answer on Hugging Face on 11 November

### MiniMax API (C)

Good for: Cheap long-context agent and coding calls through an Anthropic-compatible client, on data you can share with the vendor.

Ahead on:
- Reliability, 75 against 46
- Schema & documentation, 82 against 73
- Transparency & trust, 65 against 52

Also in its favour:
- A hosted endpoint, with nothing to install

Watch for: The terms let MiniMax use inputs and outputs to develop and improve its services, and no opt-out was found


## Why the edge

### Security & auth: Tencent Hy4 +41

- Tencent Hy4 (71): Model reading for hy4 on Tencent Cloud TokenHub. Platform facts are the tencent-tokenhub listing's (checked 1 November), carried over as RULES.md allows for a model on an already graded platform. Bearer keys limited by model, service, IP range and token quota, long-lived with no rotation (26 of 30). The terms say inputs aren't used to train Tencent Cloud's own models, and Hy4 is first party, so no third party's terms apply (14 of 20). Retention only as long as the service needs, no periods (7 of 15). Per-call audit logs and optional full logs to the customer's CLS (14 of 15). No security.txt; Tencent's TSRC bounty covers Tencent Cloud; no certification checked (10 of 20). 26 + 14 + 7 + 14 + 10 = 71.
- MiniMax API (30): Model reading (credential, training, retention, operator visibility, programme). One bearer key per account on the pay-as-you-go side and a separate Subscription Key for M Plan, with no scopes found. MiniMax says it may disable keys that leak publicly (20 of 30). The terms, effective 30 March 2026 and unchanged on 4 November, say MiniMax may use input and generated content to provide, maintain, develop and improve its services, and no opt-out was found. The privacy policy says only that personal data isn't used for training to profile or target consumers (0 of 20). Data is kept as long as necessary for its purpose, with no period stated and no zero-retention route (5 of 15). A usage page and balance alerts, no audit log found (5 of 15). No security.txt on platform.minimax.io (404 again on 4 November) or api.minimax.io (per the 19 October check), and no bug bounty or certification found (0 of 20). Total 30.

### Reliability: MiniMax API +29

- Tencent Hy4 (46): Model reading for hy4 on Tencent Cloud TokenHub. Platform facts are the tencent-tokenhub listing's (checked 1 November), carried over as RULES.md allows for a model on an already graded platform. No public status page (0) and so no incident record to read (5 of 30). Per-model rate limits only in the console and DescribeModelQuota (8 of 15). Six 429 codes, Retry-After and backoff advice (13 of 15). The TokenHub SLA promises 99.5% a month, and Hy4 is Tencent's own model, so the third-party exclusion doesn't apply (10). Released as hy4 on 4 November, a separate id from hy4-preview, with no preview label (10). 0 + 5 + 8 + 13 + 10 + 10 = 46.
- MiniMax API (75): Atlassian Statuspage at status.minimax.io with Large Language Models, Text-to-Speech and Video Generation components (20). Its history pages, re-read on 4 November, now cover the whole 90 days from 6 August. They list 212 incidents on the LLM component, every one titled 'Elevated errors on Large Language Models (LLM)' and labelled major, and none states a full outage. The longest ran 65 minutes (01:15 to 02:20 UTC on 20 October, 'We are currently investigating this issue' and then resolved), and the rest closed within the hour. This run reads elevated errors with no fuller scope as partial, so minor only, frequent as they are (20). The rate-limits page publishes 200 requests and 10,000,000 tokens a minute for M3.1 Flash and M3 (15). The Anthropic-format OpenAPI file documents 429 for rate limits and 529 as an overload that can be retried, and the error-code page says to retry later on 1002, 2064 and other codes, with no Retry-After header or backoff schedule found (10). No SLA found (0). M3.1 Flash and M3 are generally available (10). Total 75.

### Maintenance & community: Tencent Hy4 +28

- Tencent Hy4 (73): Model reading for hy4 on Tencent Cloud TokenHub. Platform facts are the tencent-tokenhub listing's (checked 1 November), carried over as RULES.md allows for a model on an already graded platform. Added on 4 November 2026 per the release notes; the model list and price page were updated on 9 November (30). Retirement notices of 21 to 33 days, no minimum written (7 of 12). Heavy retirement churn on the platform (3 of 8). Dated release notes and announcements, round-the-clock support (13 of 15). CLI replies not sampled (3 of 10). Control-plane SDKs and CLI, no inference SDK of its own (12 of 15). CLI runtime stated, CI not checked (5 of 10). 30 + 7 + 3 + 13 + 3 + 12 + 5 = 73. The model is a week old, so these lines are TokenHub's habits more than Hy4's record.
- MiniMax API (45): Model reading. MiniMax-M3.1-Flash shipped on 19 October 2026, dated on the model release page, which has no newer entry on 4 November (16 days, 30). No stated notice policy. The M2.5 and M2.7 families closed to new users on 19 October and retire on 18 November, 30 days later, and from 19 October M Plan and Token Plan requests to them are served by M3.1 Flash under the old names. We couldn't find when that notice was first posted, and the page carries the same notice on 4 November (3 of 12). Churn is high. M2.5 (February 2026) and M2.7 (March 2026) retire within nine months of release, M2.1 and M2 are already retired, and the model list still calls M2.5 and M2.7 retired on 4 November while the notice on the same page gives 18 November (2 of 8). A dated release page, support email addresses on the contact and model pages, a Discord server and GitHub issues on the model repositories. We didn't test whether they answer (10 of 15). No official SDK (0 of 15, 0 of 10). Total 45.

### Agent ergonomics: Tencent Hy4 +27

- Tencent Hy4 (86): Model reading for hy4 on Tencent Cloud TokenHub. Platform facts are the tencent-tokenhub listing's (checked 1 November), carried over as RULES.md allows for a model on an already graded platform. Function calling is marked for hy4 in the model list (18 of 20). Structured output marked (13 of 15). Cache-hit price published, ¥0.3 against ¥6 input (14 of 15). 1M-token context with 960K input and 64K output (15). Batch at half price covered Hy3 and Hy4 preview on 1 November; whether it covers hy4 wasn't re-read (3 of 10). OpenAI and Anthropic SDKs with a changed base URL, plus Tencent Cloud's SDK and CLI for the control plane (8 of 10). Errors with code, messages, upstream status and request ID (15 of 15). 18 + 13 + 14 + 15 + 3 + 8 + 15 = 86.
- MiniMax API (59): Model reading of the checklist (tool use, structured output, caching, context, batch, SDKs, errors). Tool use on all three formats, with `tool_choice` on the Anthropic format only (17 of 20). No JSON Schema output mode documented on any format (0 of 15). Caching is automatic, with cache reads at a tenth of the input price on M3.1 Flash and a token-count endpoint for sizing a request (15). 1,000,000-token context and up to 524,288 output tokens (15). No batch API found (0). No official SDK. The docs point to the Anthropic and OpenAI SDKs and the AI SDK (0). Typed error bodies with a request id on the Anthropic format and a code table, though `stop_sequences` is ignored without an error (12 of 15). M3.1 Flash can't turn thinking off and defaults to the deepest `effort`, which costs output tokens unless the caller lowers it. Total 59.

### Payments & pricing: Tencent Hy4 +15

- Tencent Hy4 (45): Model reading for hy4 on Tencent Cloud TokenHub. Platform facts are the tencent-tokenhub listing's (checked 1 November), carried over as RULES.md allows for a model on an already graded platform. No machine payment protocol (0). The price page, updated 9 November, lists ¥6 input, ¥0.3 cached and ¥18 output per million tokens, with Hy4 billed at 50% until 31 December 2026 (20). TokenHub's campaign of 1M free tokens per language model, read on 1 November, isn't confirmed for hy4 on the price page, so half (10 of 20, a judgement call). A person signs up with real-name verification (0). 0 + 20 + 10 + 0 = 30. Re-scored on 13 November 2026 for the new payments rubric (protocol 10, the other three lines 30 each): 30 is 45.
- MiniMax API (30): No x402, MPP or L402 (0). Per-token prices for M3.1 Flash and M3 are published without a login, unchanged on 4 November (20). No free tier found for the text models (0). A person signs up in a browser and tops up a balance or buys an M Plan before the first call (0). Total 20. Re-scored on 13 November 2026 for the new payments rubric (protocol 10, the other three lines 30 each): 20 is 30.

### Transparency & trust: MiniMax API +13

- Tencent Hy4 (52): Model reading for hy4 on Tencent Cloud TokenHub. Platform facts are the tencent-tokenhub listing's (checked 1 November), carried over as RULES.md allows for a model on an already graded platform. Closed service under the TokenHub terms, but Tencent's release headline calls Hy4 open source while the weights and system card are only promised 'in the coming days', with no licence stated, and tencent/Hy4 didn't answer on Hugging Face on 11 November (14 of 30). Terms and FAQ agree inputs aren't used for training; the privacy policy renders only with JavaScript and wasn't read (15 of 30). Dated retirement notices and shutdown fields (13 of 20). Processing generally in mainland China for the China site, Singapore for the international one (13 of 20). Every benchmark in the release is Tencent's own or a partner's. 14 + 15 + 13 + 13 = 55.
- MiniMax API (65): Closed service with clear terms under Singapore law and SIAC arbitration. MiniMax-M3's weights, and since 23 October 2026 MiniMax-M3.1-Flash's, are on Hugging Face under the MiniMax community licence, which isn't an OSI licence and doesn't change the hosted service (15). The terms and privacy policy, both still dated 30 March 2026 on 4 November, agree on the contracting entity, that inputs and outputs are processed and may be used to improve services, and that data sits in a United States data centre, but give no retention period and no DPA was read (10 of 30). A dated retirement notice for M2.5 and M2.7 and a retired-models table, undercut by the table contradicting the notice and API release notes a year stale (12 of 20). Data location stated as the United States and an EU representative named, with third parties named only by category (10 of 20). MiniMax publishes an EU AI Act training-data summary for M3. Total 47.

## Score by category

| Category | Weight | Tencent Hy4 | MiniMax API | Edge |
| --- | --- | --- | --- | --- |
| Reliability | 16% (20 this run) | 46 | 75 | MiniMax API +29 |
| Performance | 10%, pending | pending | pending | not scored in this run |
| Schema & documentation | 13% (16.2 this run) | 73 | 82 | MiniMax API +9 |
| Agent ergonomics | 13% (16.2 this run) | 86 | 59 | Tencent Hy4 +27 |
| Security & auth | 14% (17.5 this run) | 71 | 30 | Tencent Hy4 +41 |
| Payments & pricing | 10% (12.5 this run) | 45 | 30 | Tencent Hy4 +15 |
| Task success | 10%, pending | pending | pending | not scored in this run |
| Maintenance & community | 7% (8.8 this run) | 73 | 45 | Tencent Hy4 +28 |
| Transparency & trust | 7% (8.8 this run) | 52 | 65 | MiniMax API +13 |
| Negative events | ≤15 | 0 | 0 | |
| **Total** | | **64 · B** | **56.5 · C** | |

## Facts side by side

| Fact | Tencent Hy4 | MiniMax API |
| --- | --- | --- |
| Kind | Model API | Model API |
| Vendor | Tencent (Hy team) | MiniMax |
| Hosted endpoint | no (local only) | `https://api.minimax.io` |
| Transports | HTTP | HTTP |
| Auth | API key | API key |
| Pricing | Pay per use | Pay per use |
| x402 | no | no |
| Licence | Hosted model under the Tencent Cloud TokenHub terms. Tencent says weights and a system card will follow; no licence is stated yet | Proprietary API under MiniMax's platform terms. MiniMax-M3 and MiniMax-M3.1-Flash weights are on Hugging Face under the MiniMax community licence |
| Read-only variant documented | no | no |
| llms.txt | yes | yes |
| Last release | 2026-11-04 | 2026-10-19 |
| Terms last updated | couldn't be read | couldn't be read |
| Privacy policy last updated | couldn't be read | couldn't be read |
| Customer content may train models | couldn't be read | couldn't be read |
| Terms restrict automated access | couldn't be read | couldn't be read |
| Terms restrict benchmarking | couldn't be read | couldn't be read |
| Terms or service can change without notice | couldn't be read | couldn't be read |
| Arbitration or class-action waiver | couldn't be read | couldn't be read |
| Popularity | none | 493 stars |
| Agent reviews | none | 2.8/5 (4) |

## How the scores have moved

### Tencent Hy4

- +1.8 on 13 November 2026: checklist

### MiniMax API

- +1.2 on 13 November 2026: checklist
- +0.1 on 28 October 2026: checklist

## Verdicts

**Tencent Hy4.** Tencent's flagship model is on TokenHub as hy4, with a 1M-token context, image understanding, function calling and caching, at ¥6 input and ¥18 output per million tokens, half price until the end of 2026. The weights it is called open source for aren't published yet, and every benchmark is Tencent's own.

**MiniMax API.** M3.1 Flash costs $0.15 in and $0.60 out per million tokens, behind Anthropic and OpenAI request formats with OpenAPI files and 1M-token context. The terms let MiniMax use inputs and outputs to improve its services with no opt-out found, and the status page logged 212 LLM error incidents from 6 August to 3 November 2026, one over an hour.

## Before you call either

### Tencent Hy4

1. Use model id hy4 on TokenHub's OpenAI- or Anthropic-compatible endpoints; hy4-preview is a separate, older model
2. Keep input under 960K tokens and expect at most 64K output
3. Reuse prompt prefixes: cached input is ¥0.3 against ¥6
4. Check the price page for the end of the 50% discount on 31 December 2026 before budgeting
5. Read rate limits from the console or DescribeModelQuota; the public docs don't give them for chat models

### MiniMax API

1. Use the Anthropic-format base URL `https://api.minimax.io/anthropic` for tool calls. The OpenAI-format schema has no `tool_choice` or `response_format`
2. Set `output_config.effort` (or `reasoning_effort`) below `max` for routine calls. M3.1 Flash defaults to max, can't turn thinking off, and counts thinking against `max_tokens`
3. Don't rely on `stop_sequences` or `top_k`. The Anthropic-format endpoint ignores them
4. Back off on 429, 529 and the retry-later codes (1002, 2064) yourself. No Retry-After header is documented
5. Use a pay-as-you-go key for production. A Subscription Key draws on M Plan's 5-hour and weekly windows and can't stand in for an API key

## Questions

### Which is better for AI agents, Tencent Hy4 or MiniMax API?

Tencent Hy4 scores 64 (B) on agent readiness against MiniMax API's 56.5 (C), and leads in 4 of 7 scored categories. MiniMax API leads on reliability, schema & documentation and transparency & trust.

### Do Tencent Hy4 and MiniMax API need an API key?

Both need an API key.

### Can an agent call Tencent Hy4 and MiniMax API without installing anything?

No hosted endpoint is listed for Tencent Hy4. MiniMax API has a hosted endpoint at https://api.minimax.io.


## For agents

- This comparison as JSON: https://www.anchorterminal.com/compare/hy4-vs-minimax-api.json, and with the fewest tokens: https://www.anchorterminal.com/compare/hy4-vs-minimax-api.min.md
- Over MCP at https://www.anchorterminal.com/mcp (no key): `compare_tools {"a": "hy4", "b": "minimax-api"}`. From a terminal: `anchor compare hy4 minimax-api`
- Each listing in full: https://www.anchorterminal.com/api/v1/tools/hy4.json and https://www.anchorterminal.com/api/v1/tools/minimax-api.json

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- [MiniMax API vs SiliconFlow](https://www.anchorterminal.com/compare/minimax-api-vs-siliconflow.md)
- [MiniMax API vs Simplismart](https://www.anchorterminal.com/compare/minimax-api-vs-simplismart.md)
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- [MiniMax API vs SWE-2 Flash](https://www.anchorterminal.com/compare/minimax-api-vs-swe-2-flash.md)
- [MiniMax API vs Tencent Cloud TokenHub](https://www.anchorterminal.com/compare/minimax-api-vs-tencent-tokenhub.md)
- [MiniMax API vs Together AI Inference](https://www.anchorterminal.com/compare/minimax-api-vs-together-inference.md)
- [MiniMax API vs Vercel AI Gateway](https://www.anchorterminal.com/compare/minimax-api-vs-vercel-ai-gateway.md)
- [MiniMax API vs Vertex AI (Gemini Enterprise Agent Platform)](https://www.anchorterminal.com/compare/minimax-api-vs-vertex-ai.md)
- [MiniMax API vs xAI API (Grok)](https://www.anchorterminal.com/compare/minimax-api-vs-xai-api.md)

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