by atterberyg limit test, in the shrinkage mode, the soil volume decreases as the moisture content reduces. so, the volume of soil never remain the same.
The soil volume is decreasing meanwhile the soil is drying. Some are doing it a lot like volcanic soils (Andisol) some other not very much like soils with a lot of sand (Arenosol). The retractometer developped by Braudeau is precisely based on this soil transformation and give the water volume contents. See for instance Assi, A.T., Accola, J., Hovhannissian, Gaghik, Mohtar, R.H., Braudeau, Erik. 2014. Physics of the soil medium organization part 2 : pedostructure characterization through measurement and modeling of the soil moisture characteristic curves. Frontiers in Environmental Science 2, 17 pp
Soil contains mineral matter, organic matter, water and air. For any fixed volume of soil, the amount of air present in soil varies according to the water content. Therefore decreasing the water content of a soil below the shrinkage limit will increase the air content but soil volume will remain the same.