Fractional and interim get used interchangeably, and they should not be. The seniority is the same. The commitment shape is the opposite.
A fractional CTO is part-time and ongoing: typically 1 to 3 days a week, scaling up or down as the company changes. The trigger is a part-time-sized need. You need CTO-level decisions on architecture, hiring, and vendors, but there is no full-time executive workload yet. See how a fractional CTO engagement runs.
An interim CTO is full-time and bounded: usually 3 to 12 months with a planned end date. The trigger is a vacuum. The previous CTO left mid-fundraise, was let go, or the org outgrew them, and the team needs someone in every leadership meeting starting Monday.
Cost follows the same split. Fractional is a monthly retainer at a fraction of a full-time executive. Interim is full-time-equivalent cost for the whole period, often at a premium day rate, because you are buying exclusivity and immediate availability. Neither is cheaper in the abstract; one of them matches the size of your problem and the other one does not.
The honest test: if your CTO-sized workload fits in one or two days a week, paying for five burns runway on presence nobody needs. If the workload is genuinely full-time, a part-time operator cannot absorb it, and stretching one is how transitions fail.