Looking the pricing page, Sonnet 4.6 seems to be about 60% the price of Opus 4.6. What am I missing?

https://platform.claude.com/docs/en/about-claude/pricing

Fair point on the sticker price. The ratio shifts when you factor in cache read costs on long contexts. Sonnet 4.6 cache reads are $0.30/MTok vs Opus 4.6 at $1.50/MTok - a 5x difference that matters a lot on repeated agentic runs or RAG pipelines where the same large context gets reused. For single-shot short prompts you are right, the gap is not that dramatic. For anything with a warm cache it closes fast.