The poem is the oldest surviving version of the legend about the visit of the Burgundian rulers to Atli's court and the revenge of Guðrún.
Ultimately derived from Burgundian heroic legend, the Scandinavian literature about the subject is believed to be based on either Low German models or Gothic poems that reached Scandinavia via the Baltic region.
[4] The metre in Atlakviða combines málaháttr and fornyrðislag, which together with stylistic variations also has led to suggestions that the poem was written by several authors.
Atli obviously plans treachery but Gunnarr still decides to take up the offer, vowing that if he doesn't return no-one will benefit from his riches.
Guðrún throws a burning twig into the hall and eventually Atli's entire estate is set ablaze.
The German studies scholar Carola L. Gottzmann interprets the visit as a reaction to Atli's offer of gifts, which implies a demand of submission to the Hunnic king.
[4] The poet praises how Gunnarr ensures that his gold never will be found, which may be seen as contrary to the ethics of the Germanic lord-retainer system, where societal bonds were created through the generous distribution of wealth.
[4] Although the poem expresses horror when it portrays the consequences of her actions—filicide, unsuspecting cannibalism and the deaths of kings—there is no direct condemnation of her behaviour.
[9] The heroic ethic of vengeance that overtakes Guðrún makes her monstrous, giving her an inhuman self-control which the poem's author appears to find both horrific and admirable.