  RXTE observations confirm that the X-ray lightcurve of V2400 Oph is pulsed at
the beat cycle, as expected in a discless intermediate polar. There are no
X-ray modulations at the orbital or spin cycles, but optical line profiles vary
with all three cycles. We construct a model for line-profile variations in a
discless accretor, based on the idea that the accretion stream flips from one
magnetic pole to the other, and show that this accounts for the observed
behaviour over the spin and beat cycles. The minimal variability over the
orbital cycle implies that 1) V2400 Oph is at an inclination of only ~10 deg,
and 2) much of the accretion flow is not in a coherent stream, but is circling
the white dwarf, possibly as a ring of denser, diamagnetic blobs. We discuss
the light this sheds on disc formation in intermediate polars.
