Either the spool in the valve is bypassing to the other port or a cylinder is bypassing around the piston quad-rings. Hard to say which one, though I would lean more towards the cylinder seals. The valve spool is a lapped to the vavle body and if it is leaking it must be replaced. If the loader is running off of the tractor remote valves and have quick-couplings, just unplug them and watch the bucket. If not, you could plumb a ball valve on each line and close them, if the bucket "relaxed" then it is the seals in the cylinder. Rebuilding the packing gland and piston in a cylinder is fairly easy. I take no responsibility if you use brass ball valves (cheap) and they rupture. But they should not if you do not deadhead the circuit (end of stroke). Hope this helps.
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