A system for managing network memory comprises a communication interface and a processor. The communication interface receives a status message from another appliance. The status message indicates an activity level of a faster memory and a slower memory associated with the other appliance. The communication interface also receives a data packet. The processor processes the status message to determine the activity level of the faster memory and the slower memory. The processor also processes the data packet to identify any matching data in the other appliance and estimate whether the matching data is stored in the faster memory based on the activity level. Based on the estimate, the processor determines whether to generate an instruction to retrieve the matching data.