A response is made to a request to replicate, from a production system to a plurality of target systems, a page of data, having an associated short hash. A replication session is established for each target system to replicate the page of data to the target systems. If it's the first request for the short hash, then the page of data associated with the short hash is received and stored in a physical cache. If it's not the first request, then the page of data from the physical cache is retrieved; and, based on dynamic tracking of when each replication sessions requests the page of data based on the short hash, the page of data from the physical cache is cleared when all of the replication sessions have requested the page of data based on the short hash and have accessed the page of data.