Aerial vehicles may be outfitted with one or more transceivers for transmitting signals between one another. The signals may be time-stamped with times at which the signals are transmitted, and the times at which such signals are received, as determined from global clocks. The times-of-flight of such signals may be calculated from the differences between the times of transmission and the times of receipt, and used to calculate relative distances between the aerial vehicles. Additionally, where two or more of such signals are transmitted by an aerial vehicle, and received by another aerial vehicle, the times-of-flight of such signals may be used to track relative motion or determine an orientation of the aerial vehicle. Such signals may be transmitted and received by any number of vehicles or other objects, and may include any information, data or metadata regarding such vehicles or other objects.