Chronostasis is a term used to refer to illusions in which time appears to dilate or slowdown. A traditional example is the so-called stopped clock illusion: at some point you may have noticed that as you move your eyes to the second hand of a clock, for a brief moment you think to yourself "damn the clock stopped", but by the time you finish your thought you see it is moving.
In the example above, the duration of all the circle presentations is the same, however, most people perceive the changing expanding sphere to last longer.
1 van Wassenhove V, Buonomano DV, Shimojo S, Shams L (2008) Distortions of Subjective Time Perception Within and Across Senses. PLoS ONE 3:e1437.
2 Tse PU, Intriligator J, Rivest J, Cavanagh P (2004) Attention and the subjective expansion of time. Percept Psychophys 66:1171-1189.