a relationship involving two or more persons who, whether they wish to or not, cannot engage in an actual loving relationship. However, at the same time, they "hook up." They are not "friends with benefits", because there is a real emotional connection (example: love). For various reasons, however, they cannot be in a relationship at the current time.
"Hey man, are you and Suzy dating yet?"
"No, brah. We have a real emotional connection and hook up a lot tho."
"So why no relationship?"
"Well, there are a few reasons why we just can't be together at the moment."
"Is there a name for this phenomenon?"
"Some say we're Squiddlefish, i guess."