Wanted to look at this a bit before judging it.
1. Absolutely love the feet. The claws, the angular look. Much better than Kaido's feet. Pause.
2. Loki's skin becoming black and his tattoos reversing color to be white is really cool, I like that a lot.
3. Big difference between Kaido/Loki = Wings in Hybrid. I'm assuming Loki will use these in combat, like King did. It's very possible this is just a significant difference between Eastern and Western Dragons when it comes to Hyrbid forms, with Eastern Dragons lacking wings, and Western Dragons having wings in Hybrid. Since Kaido never had wings to begin with, this obviously tracks. Can Loki make Flame Cloud? It's possible Flame Clouds are an Eastern Dragon only thing, since Western Dragons have wings with which to fly on, and wouldn't need to grab clouds to fly.
4. The spine is fine/nice, but I really love how Loki's Dragon-Head becomes more or less a Viking Helmet merged with his horns, that's fucking badass.
5. It's nice how Loki's Hyrbid reveals his eyes. This is the first time we've seen him as an adult with his eyes visible outside Full Zoan, IIRC. We have yet to see Luffy see Loki's eyes outside of his Fruit forms, and I still expect Luffy to compliment Loki's eyes, and make him embarrassed but happy.
I'd rate this a bit above Kaido's, probably a 9 where Kaido's Hybrid was like an 8 for me (I did like his Shurron Hakke forms more, though).