A system and method for space and time efficient bound calculation is disclosed. The method comprises inserting a plurality of key/value pairs into a “Bloom bounder”, each key/value pair comprising a key and a value. For each pair, the inserting includes calculating a plurality of hash values, each calculated by applying a different one of a plurality of hash functions to the key, and selectively updating one or more data arrays based on the plurality of hash values and the value received key/value pair. A bound may then be determined for a given query key by analyzing information in the one or more data arrays to determine a bound value, such that for every received key/value pair with a key matching the query key, the corresponding value is less than or equal to the bound value.