Real-time interaction requires agents to perceive evolving environments and act under temporal constraints, yet existing evaluations of real-time streaming models focus on conversational quality and streaming perception, leaving effective action under strict temporal constraints untested. We introduce Realtime-Bench, a suite of carefully curated dynamic tasks where delayed actions directly affect success. Under Wall Clock, where environments advance according to actual inference latency, the best success rate reaches only 44% and the best Pass^3 is only 36%, demonstrating that real-time interaction remains challenging. To separate serving latency from models' real-time streaming capability, we compare Wall Clock with Paused Clock, which removes inference delays as an idealized reference, and introduce Token Clock, which advances simulated time according to generated token counts, testing temporal awareness independently of physical serving speed. We find that temporal costs limit success in evolving environments and that higher reasoning effort has mixed effects under time pressure, reflecting a trade-off between decision quality and timely execution. These findings suggest directions for improving real-time multimodal agents, including adaptive reasoning with temporal awareness and continuous perception and action.

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