1. A computer implemented method for load balancing, comprising: at a local volume manager associated with a local host, discovering each of a plurality of remote volume managers, wherein each remote volume manager is associated with a remote host of a plurality of hosts in a cluster, wherein said plurality of hosts is configured for accessing a LUN of a storage system through a storage network fabric; at said local volume manager, collecting global I/O load characteristics from each remote volume manager for each corresponding associated remote host of said plurality of hosts in said cluster; and determining a selected host for processing an I/O originating at said local host based on a current set of said global I/O load characteristics and on a rate of received I/O from each remote volume manager for said each corresponding associated remote host of said plurality of hosts in said cluster.