One way that it could work is instead of time warp there could be something more like warp speed. The ships coordinates, velocity, and trajectory of all ships in the game would be synced to the host. When a player goes into "warp" the player drops out of the map, a beam of blurred light or something could appear in the last position, and when the player drops back in the ships position is once again synced to the host. Time warp would not be possible due to the fact that each player is synced to the same time space, if time warp acted more like warp speed then players could get to far away planets without problems.
