We present T-REX: The Time-Resolving Explorer Satellite, a mission concept for a low-Earth-orbit (LEO) small satellite (M~85kg, P~1kW, >$50M) designed to explore the feasibility of millimeter-wave very long baseline interferometry (VLBI) from space. T-REX will operate at 86 GHz and seeks to achieve a temporal resolution of 22.5 minutes, enabling minute-scale sampling of the light curves of Sgr A* and M87. By co-observing with ground radio telescopes, T-REX also seeks to time-resolve the accretion flow of Sgr A*, which varies on the timescale of minutes. By advancing the technology readiness of mm-wave receivers and compact antenna systems, T-REX will serve as a pathfinder for future space VLBI missions. We invite collaborators, particularly researchers with VLBI/radio instrumentation experience, to contribute to the maturation of this concept.