We consider the possible phases of microcavity polaritons tuned near a bipolariton Feshbach resonance. We show that, as well as the regular polariton superfluid phase, a molecular superfluid exists, with (quasi-)long-range order only for pairs of polaritons. We describe the experimental signatures of this state. Using variational approaches we find the phase diagram (critical temperature, density and exciton-photon detuning). Unlike ultracold atoms, the molecular superfluid is not inherently unstable, and our phase diagram suggests it is attainable in current experiments.
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