In this work we present SwiftNet for real-time semi-supervised video object segmentation (one-shot VOS), which reports 77.8% J&F and 70 FPS on DAVIS 2017 validation dataset, leading all present solutions in overall accuracy and speed performance. We achieve this by elaborately compressing spatiotemporal redundancy in matching-based VOS via Pixel-Adaptive Memory (PAM). Temporally, PAM adaptively triggers memory updates on frames where objects display noteworthy inter-frame variations. Spatially, PAM selectively performs memory update and match on dynamic pixels while ignoring the static ones, significantly reducing redundant computations wasted on segmentation-irrelevant pixels. To promote efficient reference encoding, light-aggregation encoder is also introduced in SwiftNet deploying reversed sub-pixel. We hope SwiftNet could set a strong and efficient baseline for real-time VOS and facilitate its application in mobile vision.