# Mercury 2.5 Preview API

Inception's Mercury 2.5 Preview, through an OpenAI-compatible API. Providers quote it on an open exchange, and each request goes to the offer with the lowest estimated charge that meets your rules.

- Providers compete for each request. The exchange ranks the offers that meet your rules by estimated charge. It fixes your maximum charge before the first token, and you pay for the tokens that the model uses.
- The OpenAI and Anthropic APIs. Use the OpenAI or Anthropic SDK that you have. Set the base URL and your key, and send mercury-2.5-preview as the model.
- Your data rules. Send x-liquid-retention: none and only offers whose provider does not keep your content compete for the request.

## Facts

- Model name: mercury-2.5-preview
- Maker: Inception
- Context window: 260K tokens
- Input price: $0.040 per million tokens
- Output price: $0.150 per million tokens
- Providers: 1 independent provider
- Regions: us

## Providers

- [Architect](https://liquidinference.ai/providers/805445a7-0e40-4c1b-9baf-7b3b01e30e42.md): us, $0.040 input and $0.150 output per million tokens, $0.0040 cache read per million tokens, 260K tokens of context

## Request

```sh
curl https://router.inference.ai.exchange/v1/chat/completions \
  -H "Authorization: Bearer $LIQUID_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "model": "mercury-2.5-preview",
    "messages": [{"role":"user","content":"Say hello."}]
  }'
```

## Questions

### What is Mercury 2.5 Preview?

Mercury 2.5 Preview is a model from Inception.

### How much does Mercury 2.5 Preview cost?

Offers now ask $0.040 per million input tokens and $0.150 per million output tokens. A job pays for the tokens it uses. The exchange picks the cheapest eligible offer.

### What is the context length of Mercury 2.5 Preview?

The largest offer takes 260,000 input tokens. A smaller offer can take less. The exchange skips an offer that cannot take your message.

### What can Mercury 2.5 Preview do?

Its providers list Reasoning effort, JSON object, JSON schema, Frequency penalty, Logit bias, Log probabilities, Min-p sampling, Presence penalty, Repetition penalty, Seed, Stop sequences, Top-k sampling, Top-p sampling, Text, Tools.

### What inputs and outputs does Mercury 2.5 Preview support?

Text → Text.

### Which providers serve Mercury 2.5 Preview?

1 independent provider quote it now, with 1 offer. The table above ranks them by the cost of a typical job.

### How do I call Mercury 2.5 Preview?

Send "mercury-2.5-preview" as the model in an OpenAI or Anthropic request. The API section links to setup steps for each client.

### When was Mercury 2.5 Preview listed?

The exchange first listed it on 10/10/2026. This is not its release date.

## Related pages

- [This page in a browser](https://liquidinference.ai/models/mercury-2.5-preview)
- [Mercury 3](https://liquidinference.ai/models/mercury-3.md)
- [Mercury 2](https://liquidinference.ai/models/mercury-2.md)
- [Mercury: Coder Small](https://liquidinference.ai/models/mercury-coder-small.md)
- [Set up a client](https://liquidinference.ai/connect/mercury-2.5-preview)
- [All models](https://liquidinference.ai/models)
- [Providers](https://liquidinference.ai/providers.md)
- [Discover the best model for your budget](https://liquidinference.ai/discover)
- [Quickstart](https://liquidinference.ai/docs/quickstart.md)
- [llms.txt: the index of every page, as Markdown](https://liquidinference.ai/llms.txt)
- [llms-full.txt: every page in one file](https://liquidinference.ai/llms-full.txt)