  V405 Aurigae is an intermediate polar showing a double-peaked pulsation in
soft X-rays and a single-peaked pulsation in harder X-rays. From XMM-Newton
observations we find that the soft band is dominated by blackbody emission from
the heated white-dwarf surface. Such emission is at a maximum when either
magnetic pole points towards us, explaining the double-peaked pulsation. The
symmetry of the pulses requires that the angle between the magnetic and spin
axes be high.
  The single-peaked pulsation in harder X-rays is explained in the usual way,
as a result of opacity in the accretion curtains. However, the high dipole
inclination means that the accretion curtains are nearly in the plane. Thus the
outer regions of the curtains do not cross the line of sight to the accretion
footprints, explaining the absence of the deep absorption dip characteristic of
many intermediate polars. The sawtooth profile of this pulsation requires that
the magnetic axis be offset from the white-dwarf centre.
  We remark also on the double-peaked optical emission in this star. We suggest
that the difference between V405 Aur's spin pulse and those of other
intermediate polars is the result of its high dipole inclination.
