People arrive in Interlaken with one question — jump or fly — and almost always phrase it as a question about money. It is not. The two things sold here measure themselves in different units, and once you see the units, the choice makes itself.
The jump is measured in seconds. $526 puts you in an aircraft that climbs to 4,000 metres over the Swiss Alps. You leave it attached to a tandem master, one instructor for one client, and for the next 45 seconds you are falling at 200 km/h, which the listing also gives as 120 mph. There is no wing above you during that time and nothing underfoot; the air itself is holding you up, loudly. Then the canopy opens and the second half begins: 5 to 7 minutes of quiet descent, with the instructor flying you down to the landing area. The whole outing is 3.5 hours, most of which is the drive, the briefing and the wait for your slot in the aircraft. What you are buying, precisely, is those 45 seconds. They cannot be bought anywhere else on this site.
The flight is measured in minutes of airtime. A tandem paraglider never falls. The wing is open from the first step off the slope, the pilot is behind you in the same harness system, and the two of you glide. $222 is the most booked version of this in Interlaken, with 2,580 reviews at 4.9 and a 90-minute listing; $234 launches from the Beatenberg side at 5.0 from 655 reviews; $259 is sold as a high flight with extra altitude before the landing. Over in the Lauterbrunnen valley, $209 and $234 start from Mürren, high above the cliffs and waterfalls. In all of them the sensation is continuous rather than sudden: you have time to look around, to point at things, to notice the lakes changing colour underneath.
Why both exist in the same town. Interlaken sits between two lakes with the Alps directly behind, which is terrain that suits an aircraft climbing over the range and equally suits a wing launched off a grassy shoulder. That is why the same visitor can, on Monday, have 45 seconds they will describe for years, and on Wednesday spend an hour looking at the Lauterbrunnen waterfalls from above. Nothing about booking one rules out the other.
What the fares are not telling you. $526 costs what it costs because of the aircraft: an aeroplane has to carry you to 4,000 metres and bring itself back down. A paraglider walks to its launch. The gap between the numbers is a gap between two pieces of equipment, not a ranking of two experiences, and treating the flights as a cheaper substitute for freefall guarantees disappointment in exactly one direction: nobody has ever come back from a paraglider flight having somehow experienced freefall along the way.