Last verified: September 26, 2026 (Pacific).
Direct answer (September 2026): Headline API rates did not move when Fable 5.1 shipped on September 1. Both Fable 5 and Fable 5.1 list at $10 / MTok input and $50 / MTok output. The change that matters for agent loops is cache: Fable 5.1 cache reads are $0.25 / MTok versus $1.00 / MTok on Fable 5. On claude.ai, Fable is included only on Max and premium Team/Enterprise seats, and only up to 50% of the weekly usage pool. Pro and Team Standard pay usage credits from the first Fable token.
API rates
USD per million tokens. Context window 1M. Max output 128K. No long-context surcharge on the published card.
| Item | Fable 5 | Fable 5.1 |
|---|---|---|
| API ID | claude-fable-5 |
claude-fable-5-1 |
| Input | $10 | $10 |
| Output | $50 | $50 |
| 5-min cache write | $12.50 | $12.50 |
| 1-hour cache write | $20 | $20 |
| Cache read | $1.00 | $0.25 |
| Batch in / out | $5 / $25 | $5 / $25 |
That cache-read cut is the Sep 1 price event. Stable system prompts and repo prefixes that hit cache on 5.1 cost a quarter of what they cost on 5. Headline input/output is unchanged, so a cold one-shot is the same bill.
Opus 5.5 (current, shipped Sep 22, 2026) is $4 / $20. Opus 5 remains listed at $5 / $25. Sonnet 5 remains $2 / $10 after Anthropic cancelled the scheduled Sep 1 step to $3 / $15. Against current Opus 5.5, Fable is 2.5× on list rates ($10/$50 vs $4/$20); against legacy Opus 5 it is still 2×.
Which plan includes Fable
Rules from Anthropic Help Center, updated this week. Fable 5 and 5.1 use the same plan logic.
- Max, Team Premium, Enterprise Premium seats: included. Cap is 50% of weekly usage limits. Same weekly pool as every other model. Fable burns that pool faster. After the cap: usage credits or switch models.
- Pro and Team Standard: not included. Credits from token one. The July 2026 $100 one-time credit was for the Fable 5 plan change only. Help Center: no equivalent credit for 5.1.
- Enterprise Standard seats: only if the org turns credits on.
- API / consumption Enterprise: list rates above.
- Free: no.
Code weekly promo and Fable cap stack on the same bar. Details: Claude Code limits, September 2026.
What 5.1 changed besides cache
Fable 5.1 launched September 1, 2026 with Mythos 5.1. Same underlying model, different safeguards. Anthropic positions 5.1 for long coding and knowledge work. US-only inference is listed at 1.1× input and output. Availability: Claude API, Bedrock, Google Cloud, Microsoft Foundry, and paid claude.ai plans under the rules above.
What the cache change is worth in dollars
Direct answer: Fable 5.1’s headline rates didn’t move ($10 input / $50 output per million tokens), but cache reads fell 75% — from $1.00 to $0.25 per million. On workloads that re-read context, that’s the whole story.
Worked example — one agent loop day: 10M input tokens at a 90% cache-hit rate, plus 1M output tokens.
- Fable 5: 1M fresh input × $10 = $10.00, plus 9M cache reads × $1.00 = $9.00, plus 1M output × $50 = $50.00. Total: $69.00.
- Fable 5.1: $10.00 fresh input, plus 9M cache reads × $0.25 = $2.25, plus $50.00 output. Total: $62.25.
The cache-read line alone drops from $9.00 to $2.25. Push the hit rate to 95% and the gap widens further — the more your loop re-reads its own context, the more 5.1 pulls away. A fresh prompt with no cache history costs exactly the same on both versions.
Fable 5.1 against the lineup
USD per million tokens, standard API processing. Cache-write column is the 5-minute rate.
| Model | Input | Output | Cache read | Cache write (5m) |
|---|---|---|---|---|
| Fable 5.1 | $10.00 | $50.00 | $0.25 | $12.50 |
| Fable 5 | $10.00 | $50.00 | $1.00 | $12.50 |
| Opus 5.5 | $4.00 | $20.00 | $0.20 | $5.00 |
| Sonnet 5 | $2.00 | $10.00 | $0.20 | $2.50 |
| Haiku 4.5 | $1.00 | $5.00 | $0.10 | $1.25 |
Fable 5.1’s cache reads are priced at 0.025× its input rate — 97.5% below base input. Every other model in the table pays the standard 0.10× except Opus 5.5 at 0.05×. That unusual cache multiple is Fable’s entire pricing argument.
When Fable is worth it
Pick Fable 5.1 for long-horizon agent loops that re-read large contexts — multi-step research agents, codebase-wide refactors, anything where the same prompt prefix gets re-fed dozens of times. The cache math above is where it earns its rate.
Pick something else when the workload doesn’t fit: interactive coding sessions belong on Sonnet 5 ($2/$10, now its permanent price), maximum reasoning per dollar is Opus 5.5 ($4/$20), and high-volume simple tasks are Haiku 4.5 ($1/$5).
On claude.ai plans the calculus shifts: Fable rides inside Max and premium Team/Enterprise seats (capped at half the weekly pool), so plan users should think in pool-share, not tokens. API users think in tokens. Full seat and API pricing lives on our Claude AI pricing guide; model-to-model reasoning comparisons are in the Claude models comparison, and token-level API detail is in Claude API pricing, token costs and rate limits.
FAQ
Did Fable get cheaper on September 1?
Not on headline tokens. Cache reads on 5.1 dropped from $1.00 to $0.25 per million. Repeated agent context is cheaper. A fresh prompt is not.
Does Pro include Fable 5.1?
No. Pro can call it with usage credits. Included Fable lives on Max and premium seats only, and only up to half the weekly limit.
Is Fable 5.1 2.5× Opus 5.5 (and 2× legacy Opus 5)?
Against current Opus 5.5 ($4/$20), Fable at $10/$50 is 2.5× on list rates. Against legacy Opus 5 ($5/$25) it is still 2×. Opus 5 Fast mode lists at Fable’s standard rate. Pick Fable when the job is long-horizon and you have Max/premium inclusion or a reason to pay the cache-aware API bill.
Does the Batch API discount apply to Fable?
Yes. Anthropic’s Batch API takes 50% off standard rates across models, Fable included — roughly $5/$25 per million input/output tokens on Fable 5.1 for non-urgent work. Cache-read pricing discounts stack on top.
Do cache writes cost extra on Fable 5.1?
Yes, one line item to know: 5-minute cache writes are $12.50 per million (1.25× input), 1-hour writes are $20 (2× input). You pay the write once when the cache entry is created; every re-read after that bills at the $0.25 cache-read rate. Writes are a footnote — reads are the story.
How does the 50% weekly pool cap work for Fable on Max?
Max and premium Team/Enterprise seats include Fable, but only up to half of the weekly usage pool — Fable can’t consume the whole allowance. Past the cap, further Fable usage bills as usage credits from the first token. If Fable is your daily driver on a plan, watch the pool split, not just the total.


























