Fat-trees are a class of routing networks for hardware-efficient parallel computation. This paper presents a randomized algorithm for routing messages on a fat-tree. The quality of the algorithm is measured in terms of the load factor of a set of messages to be routed, which is a lower bound on the time required to deliver the messages. We show that if a set of messages has load factor lambda on a fat-tree with n processors, the number of delivery cycles (routing attempts) that the algorithm requires is O(lambda+lgnlglgn) with probability 1-O(1/n). The best previous bound was O(lambdalgn) for the off-line problem in which the set of messages is known in advance. In the context of a VLSI model that equates hardware cost with physical volume, the routing algorithm can be used to demonstrate that fat-trees are universal routing networks. Specifically, we prove that any routing network can be efficiently simulated by a fat-tree of comparable hardware cost.