Commodity providers aren't a good indicator. They have margins too.

Remember they ~doubled the price going from GLM 5 to GLM 5.2, despite same [1] cost of inference.

[1] GLM 5.2 is actually slightly more efficient, thanks to baked in indexer cache.

These models are more fungible than you think, so these prices tend towards the cost to serve.

On openrouter GLM 5.2 is ~3x cheaper than 5.0.