Copy a movie between iPhones
On the Home screen (or on any screen with something you want to share), swipe up from the bottom.  You should see a bunch of icons. Toward the bottom 1/3rd of the sheet you'll see the AirDrop icon.  Tap the AirDrop icon and 3 choices will slide-up from the bottom:


Everyone
Contacts Only
Off




These choices allow you to limit the people with whom you can share. You both should have the same setting to ensure you can see each other.