What Is MTok (Per Million Tokens)?
The standard pricing unit for LLM APIs. $5/MTok means it costs $5 to process one million tokens.
LLM pricing is quoted per million tokens because individual tokens cost fractions of a cent. Saying '$5 per million tokens' is clearer than '$0.000005 per token.' Most providers list separate prices for input tokens (what you send) and output tokens (what the model generates).
To estimate real-world costs: a 2,000-word blog post is roughly 3,000 tokens to generate. At $15/MTok output pricing, that costs about $0.045. Processing 1,000 support tickets (each about 500 tokens of input) at $5/MTok input costs about $2.50.
When comparing models, focus on output pricing because that's where most of the cost comes from. A model charging $2/MTok output is dramatically cheaper than one charging $25/MTok output, even if their input prices are similar.