Hot Pink vs Light Magenta

How close are they?

ΔE 28.4, loose: different enough that you should pick on purpose. Light Magenta is noticeably lighter, much more muted, warmer than Hot Pink.

Can I use Light Magenta instead of Hot Pink?

Not as a straight swap; see the closer alternatives below. Loose match (ΔE 28). Light Magenta is noticeably lighter, much more muted, warmer than Hot Pink.

Can I use Hot Pink instead of Light Magenta?

The same difference applies the other way round: Hot Pink is noticeably darker, much more saturated, cooler.

ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.