Þetta undrast Grímnir, hverju gegna muni, at faðir hans var veginn, en sér engan mann, stökkr upp ok lætr sópa greiprnar um allan hellinn.
Grimnir wonders at this, what (this) would mean, that his father was slain, but (he) sees no man, leaps up and makes a clean sweep of all the cave. (Z. sópa 1 - láta greipr s. um e-t, s. höndum um e-t, to make a clean sweep, carry off all)

Þetta þykkir Jökli allmikit gaman, tekr af sér gullit ok vill eigi leynast lengr.
Jokull thinks this great sport, takes off the gold ring and no longer wants to hide himself. (Z. leyna 2 - leynast, to hide oneself, be concealed)

Þat sér Grímnir ok ræðr á hann, ok takast þeir fangbrögðum ok glíma allsterkliga, svá flest hlýtr upp at ganga.
Grimnir sees that and gets angry at him, and they take to wrestling and wrestle very strongly, so most gets torn up (?).

Verðr þat um síðir, at Grímnir fellr.
At last it happens that Grimnir falls.

Þetta sér Gnípa, skellir upp ok hlær ok mælti: "Nú gerði gæfumuninn, sem betr var, ok mundu, Jökull minn, hverju þú hefir lofat."
Gnipa sees this, bursts out laughing and says: "Now the difference in luck did, as better was, and would, my Jokull, what you have promised."

Jökull mælti: "Góðs ertu maklig af mér.
Jokull said: "You are properly good to me.
Nú eru tvenn kostaboð, Grímnir, sá eini ek drep þik nú þegar í stað, sá annarr, at þú eigir Gnípu, vinkonu mína, ok skaltu vera konungr yfir Jötnaheimi, sem faðir þinn var.
Now there are two favorable choices, Grimnir, the one that I kill you on the spot, the other, that you marry Gnipa, my woman friend, and you shall be king over Jotnaheim, as your father was.

Vil ek ok gefa þér allan auð eftir föður þinn."
I will also give you all the uninhabited wilderness as your father (had)."

Grímnir játar þessu.
Grimnir agrees to this.

Lætr Jökull hann nú upp standa, ok ganga innar eftir hellinum.
Jokull now lets him stand up, and (they) go inward along (i.e., through) the cave.

Þar var fagrt um at sjást, gull ok silfr nóg ok góð klæði.
It was beautiful there to look about: enough gold and silver and good clothes.

Hann skimast um hellinn ok sér, at þar eru tveir menn, lítt haldnir, karlmaðr ok kona.
He looks all around the cave and sees that there are two people there, in poor condition, a man and a woman.

Sitja þau bæði á einum stól ok eru strengd niðr við stólinn með járnhlekkjum sterkum.
They both sit on one stool and are tied down to the stool with strong iron links.

Þau váru bæði mögr ok þó fögr at áliti.
They were both a son (?) and yet fair in appearance.

Jökull gekk at stólnum ok spyrr þau at heiti.
Jokull went to the stool and asks them their names.

Hann segir: "Ek heiti Hvítserkr, sonr Soldáns konungs af Serklandi, en systir mín Marsibilla.
He says: "My name is Hvitserkr (White-shirt), son of Soldan, king of Serklandi (Shirt-land?), and my sister (is) Marsibilla (Horse-something?).

Skrámr jötunn heillaði okkr hingat.
Skramr (Scarer), a giant bewitched us here.

Ætlaði hann Grímni, syni sínum, systur mína.
He intended Grimni, his son, (for) my sister.

Höfum vit verit hér fimm vetr.
We have been here five years.

Er ek nú fimmtán vetra, en systir mín þrettán vetra.
I am now fifteen years old, and my sister 13 years old.

Hefir því valdit Marsibilla, at ek hefi svá lengi lifat, því at hon sagði þeim feðgum, at nornir hefðu spát henni, at hon mundi deyja þegar í stað, ef ek væra í hel sleginn, en þeir trúðu því.
Marsibilla has caused that, that I have lived so long, because the told them, father and son, that witches had foretold her, that she would die at once, if I were struck dead, and they believed it. (Z. staðr 2 - í stað, þegar í stað, on the spot, at once)

Nú ef Skrámr vissi þat þú værir hér, mundi hann láta drepa þik ok hafa þik í spað, því svá hefir hann fleirum gert."
Now, if Skramr saw that you were here, he could have you killed and have you in a soup made from flesh, as he has done that to many."