Let M(Ω, µ) denote the algebra of all scalar-valued measurable functions on a measure space (Ω, µ). Let B ⊂ M(Ω, µ) be a set of finitely supported measurable functions such that the essential range of each f ∈ B is a subset of {0, 1}. The main result of this paper shows that for any p ∈ (0, ∞), B has strict p-negative type when viewed as a metric subspace of Lp(Ω, µ) if and only if B is an affinely independent subset of M(Ω, µ) (when M(Ω, µ) is considered as a real vector space). It follows that every two-valued (Schauder) basis of Lp(Ω, µ) has strict p-negative type. For instance, for each p ∈ (0, ∞), the system of Walsh functions in Lp[0, 1] is seen to have strict p-negative type. The techniques developed in this paper also provide a systematic way to construct, for any p ∈ (2, ∞), subsets of Lp(Ω, µ) that have p-negative type but not q-negative type for any q > p. Such sets preclude the existence of certain types of isometry into Lp-spaces.