A load balancing technique for use in a switch fabric balances network traffic from a plurality of end node devices based on the volume of traffic on the peripheral links, not simply the rated bandwidth of the peripheral links. In one embodiment, weight values, based on the volume of peripheral link traffic, are used to modify default cost values associated with the peripheral links. The modified default cost values are then used in the load balancing process. In another embodiment, the costs of the peripheral links are adjusted commensurate with the volume of peripheral link traffic.