How can I create this rotating tunnel type effect in illustrator?

Thomas, Hi.

I see is a spiral, as if water (Text) is going down a drain.

Here I created outlined text.

Then used Free Transform to create a somewhat perspective/skewed view.

To give it a spiral look, I used Effects>Transform with scale and Effects>Warp>Arc for distortion.

The text is a group, with a rectangle (shown in red so you can see).

K

Warp effect followed by transform?

Experiment with the settings.

A selection of effects

Transform to make the circle of words; twist to make the bend