9.3 also tracks the ARC size (in Reporting - ZFS). How big is your ARC in comparison to your total memory?
If the ARC takes up most of your memory, no need to worry, it's using the memory for the largest benefit (caching file transfers). I find ARC starts out low after a reboot and ramps up as transfers occur. Some heavy transfers will have the ARC take up almost 100% of the available memory. However ARC is dynamically adjusted, if the system needs memory for other operations, ARC will be dialed down (and file transfer speeds will suffer a bit). After the file transfer finishes, ARC remains in memory but is inactive and is adjusted if the system requires memory. So you may see memory usage approaching 100% after several file operations and remain there until the next reboot.