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AltBOC (15,10) modulation can carry different information on its lower and upper lobes.The two lobes can be received and processed separately as BPSK (10) signal,or coherently processed to achieve better performance.However,AltBOC modulation has lower efficiency and great satellite implementation and receiver processing complexity.TD-AltBOC was proposed to reduce the complexity,and ACED (Asymmetric Constant Envelope Double-sideband) was proposed to improve flexibility of power allocation among the four signals as a cost of complexity increasing further.Nevertheless the correlation power efficiency of these methods is 81.06%.A novel multiplexing scheme named as CBFH (Coherent Binary Frequency-Hopping) is presented in this paper.The signal generation principle and receiving method are given,and its power spectrum,power efficiency,processing flexibility and complexity are compared with AltBOC,TD-AltBOC and ACED.The Results show that the spectrum of CBFH is similar to AltBOC,TD-AltBOC and ACED.CBFH has the same performance as TD-AltBOC when two-level sub-carrier was adopted; CBFH has the best performance when its complexity as the same as AltBOC or ACED,or CBFH has the lowest complexity when its performance as the same as AltBOC or ACED.CBFH will be a good solution for COMPASS B2 navigation signal.