The construction of a navigation constellation with inter-satellite links (ISLs) has become one of the important development trends for new-generation global navigation satellite systems (GNSSs), and ISLs currently realize navigation and communication functions through separate low-rate omnidirectional telemetry, tracking, command and high-rate data service channels, respectively. If the above two functions are integrated into one channel, this will result in simplification of the onboard equipment, improvement of the electromagnetic compatibility, power consumption reduction and frequency resources savings, and we speculate that autonomous navigation will be achieved by ISLs with navigation and communication fusion. In this paper, a system capable of simultaneous high-data rate communication transmission and precision ranging is investigated, and a specific scheme is introduced by combining continuous phase modulation (CPM) and a pseudonoise (PN) ranging code denoted as CPM+PN. The chip pulse is one of the key factors to design the ranging code, which not only affects the ranging performance but also influences the properties of the CPM+PN scheme, such as its spectral characteristics, communication reliability, and acquisition time. To consider the above performance indexes, a new chip pulse based on a normally distributed wave is proposed. Theoretical analysis and simulation results show that compared to squarewave and half-sine wave cases, the normally distributed wave attains great advantages in the ranging accuracy and communication reliability, which become more notable with reasonable selection of the energy distribution index. Moreover, the proposed chip pulse achieves a similar acquisition time as the traditional wave. As a result, the normally distributed wave can be used as a better alternative to the ranging chip pulse for the CPM+PN waveform.