Step 5 Preview is a flagship model from StepFun, available here under the exact model id “step-5-preview”. It heads the Step line-up here, above StepAudio 3 Chat Preview. StepFun has not published a release date we can cite; it has been available here since 18 Oct 2026.
StepFun documents tools, vision, reasoning, structured output and prompt caching for it, and it reads images as well as text.
It costs $0.70 per million input tokens and $1.89 per million output tokens, so output is 2.7× the input rate. That is 30% below the market rate of $1 input and $2.70 output per million tokens, the lowest public price we found at other API gateways. On the use cases below, output makes up 27% of the bill for agents, 40% for software engineering and 14% for research, so trimming the context you send saves more than capping the answer. With a 3:1 input-to-output mix it ranks 13th lowest-cost of the 27 models on this site.
Cached input bills at $0.10 per million tokens, 86% below the standard input rate. In the agents example, 15k of the 20k input tokens come from cache, which brings one agent step from $0.01589 down to $0.00689.
It is served through the OpenAI-compatible format at https://api.oneaiapikey.com/v1, so any SDK or tool that lets you set a custom base URL, for example Codex CLI, Cursor and Cline, can use it. It is not offered on the Anthropic Messages endpoint; pick an Anthropic-format model for Claude Code.