A single model call is cheap; an agent is not. One LLM call runs around 800ms, while a ten-cycle reasoning loop consumes roughly fifty times the tokens of a single pass according to an analysis of agentic task complexity. The same write-up notes that unconstrained production coding agents can cost $5 to $8 per task. That asymmetry is the whole reason to route: the hard minority of traffic dominates the bill.
Per-token prices have collapsed, yet bills keep climbing. Splunk's analysis of cost per outcome cites per-token costs falling more than 90% since 2023 while consumption exploded, and points out that two models reaching the same accuracy can differ by 25 times in generated tokens (Splunk, Measure AI by Cost-Per-Outcome). In other words, price per token tells you what you paid, not what you got.
That reframing matters for routing. If you measure savings per request, any router that fails more often looks like a winner. If you measure cost per passing request, the cheap model has to actually pass the check before its savings count. Every number in the rest of this article uses that denominator.
| Metric | What it tells you | Failure mode it hides |
|---|---|---|
| Cost per request | Average spend per API call | Failures that were cheap but useless |
| Cost per token | Unit price of a vendor | Retry loops and token-hungry answers |
| Cost per passing request | Spend divided by requests that met the quality bar | Nothing (this is the real unit) |
| Escalation rate | Share of traffic sent to the expensive model | Cheap answers that passed only by luck |



