The water-filling algorithm is well known for providing optimal data rates in time varying wireless communication networks. In this paper, a perfectly coordinated water-filling game is considered, in which each user transmits only on the assigned carrier. Contrary to conventional algorithms, the main goal of the proposed algorithm (FEAT) is to achieve near optimal performance, while satisfying fairness constraints among different users. The key idea within FEAT is to minimize the ratio between the utilities of the best and the worst users. To achieve this goal, we devise an algorithm such that, at each iteration (channel assignment), a channel is assigned to a user, while ensuring that it does not lose much more than other users in the system. In this paper, we show that FEAT outperforms most of the existing related algorithms in many aspects, especially in interference-limited systems. Indeed, with FEAT, we can ensure a low complexity near-optimal, and fair solution. It is shown that the balance between being nearly globally optimal and good from an individual point of view seems hard to sustain with a significant number of users, hence adding robustness to the proposed algorithm.