This is a known bug in v1.01 :(
The portal will never reappear - you need to have someone go to Canyon waypoint, throw you a portal, and get the waypoint yourself.
For those not there yet, when you get this red portal, do *NOT* quit before going through it and immediately taking waypoint.
Alas, if you're like me, you'll lag for 10 secs and be _slaughtered_ on entrance, then spend a half hour and/or much money recovering, when tired and wanting to quit for the night.
Sorry -- on the good side, v1.02 should surely fix this bug