Thanks to @digitalandgrowth for the detailed write-up! It’s better than I was going to write.
I’ll just add a couple resources and comments.
API vs. Credits
First off, for anyone running a heavy usage Studio, I highly recommend you use your own API key rather than credits from Pickaxe. Our credits help you get started, and it is possible to use the credits at an advantageous cost, but generally speaking it will be more expensive to use our credits rather than your own API key.
API Usage Page
If you’re using your own API key, most model providers offer a dedicated cost/usage page that shows all your costs. For example, here is the OpenAI API usage page. It details all the costs tied to your API key, broken down by day. It provides great detail on your costs, and even differentiates between different models.
Model Costs
All models have a pricing page that breaks down the cost of using their models via API. Here is the OpenAI model cost breakdowns.
Expensive vs Inexpensive Models
It’s also important to be aware of which models are more expensive and which are cheaper. In most cases that I’ve seen, the cost of the model usage is well below the price customers are charging. However, if your tools are particularly sensitive to cost (the prompt are super long), try switching to an inexpensive model. For example, OpenAI’s newest model GPT-4o mini is very cheap. It is fractions of a cent for each use.
