The Space Between Time was created from the distortions in the time from the five Dragon Slayers and Anna Heartfilia crossing over 400 years, which as time passed and tried to fix itself it was manufactured. The power of nothingness, neither light or dark, it was originally stated that no one can exist within it, as well as live within it. It is possible that it can be moved, shut off and/or closed that if those who touch it simply pass right through, as well as it can be harnessed to use as a source of Magic Power, as well it can be used in conjunction with other Magics (Such as Fairy Heart). Within The Space Between Time lies another dimension that is completely filled with Time Magic. It was eventually destroyed alongside Acnologia by Natsu in their final battle.
Powers and Stats
Name: The Space Between Time
Origin: Fairy Tail
Classification: Magic Source
Powers and Abilities: Magic, Space-Time Manipulation, Pocket Reality Manipulation (Can manipulate the landscape of the itself), Sealing (Can manipulate its crystal-like landscape to seal enemies), BFR (Can send beings into its own dimension and is also capable of removing unwanted beings out of itself)
Attack Potency: Multi-Continent level, likely higher (One of the strongest magic powers in the verse. Zeref stated that it was filled with so much magic power that it defied imagination. Should have far more magic power than Etherion, The Eclipse Gate, and Ars-Magia. Should likely have more magic power than and therefore be stronger than the Dragon Cry. Incomparably stronger than Dragon Form Acnologia, since Acnologia himself considered the power to be too great and consuming it caused him to lose control and have his soul and body split apart, while whenever another Dragon Slayer ate a power far stronger than their own, they were able to gain the power without any issues), Unknown with Fairy Heart (By merging the power of Fairy Heart and the Space Between Time, the spell Neo Eclipse can be used and it has the power to reset time back at least 400 years)
Range: Unknown. Likely Universal+ with Fairy Heart.
Weakneses: It is a source of magic, not a weapon. If absorbed, it can split your soul and body into two due to the immense amount of power it holds.
Neo Eclipse: With the power of Fairy Heart and Space Between Time, Zeref can merge both Magics into one, to create this Magic. With it, he can relive life again, destroying the current world while the new one replaces it. Neo Eclipse was in the form a door (by walking through it will induce the magic) as Zeref merged it with Fairy Tail's guild door. This spell was goint to Reset Time back at least 400 Years and allow Zeref to relive his life.