I have seen this question asked on a couple different forums. They usually sound best with the arrow on the logo pointing toward the cap. But it is best to try the fuse both ways.
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I would go with, what I think most would agree, that the arrow is indicative of the signal or current flow. If the manufacturer places an arrow on the product, that would indicate to me that the intention is for direction of signal or current. But truthfully on a fuse, I doubt any discernible difference would be present, in my opinion of course. But if they have an arrow on it, they have a reason for doing so and I would still adhere to that as installation direction.
Fuse threads are a good indicator.
Only two choices. Try it each way and determine for yourself. If "directional" the difference should be apparent. Otherwise maybe not or defective. It ain't rocket science.
Switch directions several times to be sure. Sometimes merely removing and replacing an electrical device alone results in better contact and performance.