The paper deals with the navigation data exchange between two satellites moving in a swarm. It is focused on reduction of the inter-satellite demanded communication channel capacity taking into account dynamics of the satellites relative motion and possible erasing in the channel the navigation data. The feedback control law is designed ensuring regulation of the relative satellites motion. The adaptive binary coding/decoding procedure for the satellites navigation data transmission over the limited capacity communication channel is proposed and studied for the cases of ideal and erasure channels. Dependence of the regulation time on the data transmission rate is numerically evaluated. Results of the numerical study of the closed-loop system performance and accuracy of the data transmission algorithm on the communication channel bitrate and erasure probability are obtained based on the extensive simulations. These results provide dependence of the required load of the communication channel on the desired quality of the regulation process. It is shown that both data transmission error and regulation time depend inversely proportional on the communication rate, and that for the significantly high data transmission rate erasure of data in the channel with probability up to 0.3 does not make an effect on the regulation time.