If the transfer is instantaneous you cannot move the portals during it. (Duh!)
If time is taken within the portal, the object gets trapped inside it. If the portals are close enough the loop closes and the object is permanently cut off from our universe. But this is unlikely as the wormhole should be too short for significant delay to happen without shredding whatever is thrown in.
If the transfer takes time on the outside, ie. it takes normal time for objects to enter or come out of portal, but insignificant time to pass between portals, which is most consistent with descriptions, you cannot push the portals close enough to each other since the head of the object collides with its tail.
This happens regardless of how you position of the portals. As distance between the portals approaches zero the area object uses on the portal surface approaches infinity. Which exceeds the actual finite surface area of the portal.