A hash table system, including a plurality of hash tables, associated with respective hash functions, for storing key-value pairs; an overflow memory for storing key-value pairs moved from the hash tables due to collision; and an arbiter for arbitrating among commands including update commands, match commands, and rehash commands, wherein for each system clock cycle, the arbiter selects as a selected command one of an update command, a match command, or a rehash command, and wherein the hash table system completes execution of each selected command within a bounded number of system clock cycles.