I’m surprised (unless they replaced the core tcmalloc algorithm but kept the name).

tcmalloc (thread caching malloc) assumes memory allocations have good thread locality. This is often a double win (less false sharing of cache lines, and most allocations hit thread-local data structures in the allocator).

Multithreaded async systems destroy that locality, so it constantly has to run through the exception case: A allocated a buffer, went async, the request wakes up on thread B, which frees the buffer, and has to synchronize with A to give it back.

Are you using async rust, or sync rust?