A son of Loki, presumably by Sigyn, and brother of Nari or Narfi. After his involvement in the death of Baldr, Loki fled to Fránangr's waterfall where he hid himself in the guise of the salmon. The gods discovered his whereabouts and he was caught and taken to a certain cave. There, Váli was changed into the form of a wolf and he tore asunder his brother Narfi, whose entrails where then used to bind Loki to three great stones.
The story is also found in the prose note at the end of Lokasenna (in Codex Regius), but it differs in a few details. The binding of Loki is here the consequence of his verbal abuse of the gods during a feast in Ægir's hall. He was bound with the entrails of his son Nari; his other son, Narfi, was changed into a wolf.
Váli and Nari only appear in this event.
- Gylfaginning, 50.
- Lokasenna, 50, note.