"The Binding of Loki" is based on the myth from the Prose Edda about Loki's final capture:
Loki angered the Gods for the last time, was hunted down and eventually captured. Once taken Loki could not escape the might of Thor's great strength. Odin used his magic to turn Loki's son Vali into a wolf, who killed his brother Nari. Loki was taken beneath the earth and placed on 3 stones. Holes were made in the center of each stone, and Odin used Nari's guts, threaded through the center of the stones, to bind Loki.
Skadi, goddess of winter and former lover of Loki, was so angered by his betrayal of the Gods that she placed a venomous snake above Loki's head. The snake dripped its poison into Loki's face causing him to shake the earth in pain. His only solace was his faithful wife Sigyn who collected the poison in a bowl, but it would grow full and need to be emptied, causing Loki to writhe in pain yet again.
Not his fault the æsir didn't get his jokes.
Great technique and composition!