Enables lipopolysaccharide binding activity and signaling receptor binding activity. Involved in several processes, including positive regulation of respiratory burst involved in inflammatory response; positive regulation of tumor necrosis factor production; and response to bacterium. Acts upstream of or within several processes, including defense response to Gram-negative bacterium; leukocyte chemotaxis involved in inflammatory response; and positive regulation of neutrophil chemotaxis. Located in cell surface and extracellular space. Is expressed in brain; heart ventricle; liver lobe; and reproductive system. Orthologous to human LBP (lipopolysaccharide binding protein). [provided by Alliance of Genome Resources, Apr 2022]