If we observe an ambiguous figure, our percept is unstable and alternates between the possible interpretations. Periodically interrupting the presentation sizably modulates the spontaneous reversal rate. We here studied event-related potential (ERP) correlates of the neural processes underlying these strong modulations. An ambiguous Necker stimulus was presented discontinuously with four randomly varying interstimulus intervals (ISI; 14, 43, 130, 390 ms) while participants indicated perceptual reversals. EEG was selectively averaged with respect to the participants' percept and ISI. ERP traces varied markedly between ISIs. A simple model explained a major part of this variation and showed that the ISI-dependent ERP modulation occurs after disambiguation has already taken place. We suggest that perceptual stability (or reversal) depends on a system state, slowly changing from one reversal to the next. ISI can shift this state on a scale between stability and instability.