To "fade" someone is essentially the same as beating someone, be it singularly or in a group. The phrase "run a fade" is usually used during a confrontation, or if the confrontation is planned. To "run" said fade means that the belligerent parties will meet at another location to fight, or if one party is asking the other if they want the fight to start right then and there.
"I ain't even playin' with you or your boys' shit no more. You wanna run a fade or not?"