It really does look like the knot is not pulled tight all the way, which is something that presents the problem better. Looks like the first and last pass are tighter than the two between them, at least judging by the width of the strands. And compared to the strand width in the handle braid it seems that the GITD cord is considerably more narrow when pulled tight. The size and quality of civilian grade paracord varies very wildly between manufacturers and even colors, and it seems that the stuff you got there represents the extremes.
I second what Lasse said -- he's the resident knot guru of the forum, so that happens a lot -- about the lead and bight count. A 7 lead 6 bight turk's head with two passes might do the trick here, so there's no real reason to ditch the glow in the dark effect alltogether. There was a discussion once about calculating the optimal lead and bight count for a foundation of a given size. If you like it when people think aloud with math, check it out here:
viewtopic.php?id=2571
As a general tip, it's very useful to learn tying a 5 lead 4 bight and expanding it to a 7 lead 6 bight. In addition to the 4 lead 3 bight you seem to know already, those will make up for a turk's head arsenal that will suit most of your whip knot needs. There are very good tutorials on youtube for those two knots.
- Pokkis