This slipspace effect consists of two parts: a null with hypervoxels applied to it and a point light.

First of all, parent the point light to the null. Here are the basic settings for the point light:

Feel free to turn on intersity falloff if you need to. Notice volumetric lighting is on.

We'll cover those Envelopes later. ^

Now, switch to your null and add hypervoxels to it:

Again, Envelopes later. ^

Now for the Envelopes. Start with the Envelope for hypervoxel size. Go to the Modifiers tab and add Channel Follower. Have it follow any of the size axes for the Slipspace null with a lag of 0.025 and a scale of 100,000%.

For the Effect Disolve of the volumetric light do the same but with a lag of 0.15 and scale of -100%.

And finally for the radius of the volumetric light, a lag of 0.0 and scale of 50,000%.

All you have to do now to open/close or rescale the slipspace portal is to change the size of the null. I hope this helps and enjoy! (P.S. Ship might cast a shadow on the hypervoxel. If so, go to the Preference of the ship and turn off Casts Shadow.)