We need to translate article to Chinese (中文). Provide title, summary under 160 chars, then CONTENT: translated article in markdown format. Must not include JSON or code blocks. Just plain text with the sections.

We need to translate everything: Title, Summary, headings, paragraphs, lists, etc. Ensure Chinese translation natural.

Also need to keep markdown formatting: headings with #, lists, etc.

We must ensure summary <160 characters Chinese.

Original summary: "Discover which crypto exchanges offer the highest affiliate commissions, best tracking tools, and payout flexibility for marketers."

Translate: "发现哪些加密货币交易所提供最高的联盟佣金、最佳追踪工具以及对营销者灵活的付款方式。" Let's count characters: Chinese characters count? Let's approximate: 发现(2)哪些(2)加密货币(4)交易所(3)提供(2)最高的(3)联盟(2)佣金、(1)最佳(2)追踪(2)工具、(1)以及(2)对(1)营销者(3)灵活的(2)付款方式。(4) plus punctuation. Roughly maybe ~30-40 characters, well under 160.

Now translate the article content.

We'll translate headings:

Comparing Top Crypto Exchange Affiliate Programs

=> "比较顶级加密货币交易所联盟计划". Use markdown: # 比较顶级加密货币交易所联盟计划

Similarly h2 etc.

We'll translate paragraphs.

Need to preserve list items.

Let's do translation.

Original paragraphs:

"Affiliate marketing in the crypto space has exploded, with exchanges competing fiercely for traffic. Choosing the right program can mean the difference between modest side‑income and a serious revenue stream. This guide breaks down the leading exchanges by commission structure, payout models, and the affiliate tools they provide, giving you actionable insights to maximize earnings."

Translate: "加密货币领域的联盟营销已经激增，交易所之间为流量展开激烈竞争。选择合适的计划可能意味着微薄副收入与严肃收入流之间的区别。本指南按照佣金结构、付款模式以及交易所提供的联盟工具对领先交易所进行分析，为您提供可操作的见解，以最大化收益。"

Next section: "

Why Exchange Affiliate Programs Matter

" => "## 为什么交易所联盟计划很重要"

Paragraph: "Crypto exchanges rely on affiliates to drive user acquisition, especially in regulated markets where direct advertising is limited. Affiliates benefit from:"

Translate: "加密货币交易所依赖联盟来推动用户获取，特别是在直接广告受限的受监管市场。联盟可获得以下好处："

Then list items:

• "
• High‑value commissions – traders often generate lifetime value (LTV) far above typical e‑commerce products.
"

Translate: "- 高价值佣金 – 交易者通常产生的生命周期价值（LTV）远高于典型的电子商务产品。"

• "
• Recurring revenue – many programs offer revenue‑share on trading fees, creating long‑term income.
"

Translate: "- 经常性收入 – 许多计划提供交易费用的收入分成，从而创造长期收入。"

• "
• Performance‑based flexibility – CPA (cost‑per‑action) deals let you earn upfront for qualified sign‑ups.
"

Translate: "- 基于绩效的灵活性 – CPA（每行动成本）交易让您能够为合格注册用户提前赚取收益。"

Paragraph after list: "Understanding each program’s nuances helps you align your traffic strengths with the exchange’s offering."

Translate: "了解每个计划的细微差别有助于将您的流量优势与交易所的提供相匹配。"

Next: "

Evaluation Criteria

" => "## 评估标准"

Paragraph: "When comparing affiliate programs, focus on these five factors:"

Translate: "在比较联盟计划时，请关注以下五个因素："

Then ordered list:

1. "
2. Commission Type – CPA, revenue‑share, hybrid, or tiered.
"

Translate: "1. 佣金类型 – CPA、收入分成、混合或分层。"

1. "
2. Rate & Caps – Percentage of fees, fixed CPA amount, any monthly limits.
"

Translate: "2. 费率及上限 – 费用百分比、固定 CPA 金额、任何月度限制。"

1. "
2. Cookie Lifetime – How long a referred user is tracked after the first click.
"

Translate: "3. Cookie 有效期 – 被推荐用户在首次点击后被追踪的时长。"

1. "
2. Tools & Reporting – Dashboard quality, API access, creative assets, deep‑linking.
"

Translate: "4. 工具与报告 – 仪表盘质量、API 访问、创意素材、深度链接。"

1. "
2. Payout Reliability – Minimum threshold, frequency, supported currencies (fiat, crypto, stablecoins).
"

Translate: "5. 付款可靠性 – 最低门槛、频率、支持的货币（法币、加密货币、稳定币）。"

Next: "

Top Exchanges at a Glance

" => "## 一览顶级交易所"

Paragraph: "Below is a snapshot of five leading exchanges and their affiliate highlights as of Q4 2025."

Translate: "以下是截至 2025 年第四季度的五家领先交易所及其联盟亮点概览。"

Now each exchange section.

Binance

=> "### Binance"

List items:

• "
• Commission: Up to 50 % revenue share on trading fees (tiered by volume) or CPA ranging from $100–$200 per qualified trader.
"

Translate: "- 佣金：基于交易费用的最高 50% 收入分成（按交易量分层） 或 每名合格交易者的 CPA 范围为 100–200 美元。"

• "
• Cookie Lifetime: 30 days.
"

Translate: "- Cookie 有效期：30 天。"

• "
• Tools: Real‑time dashboard, sub‑affiliate system, API for custom tracking, extensive banner library, deep‑link generator.
"

Translate: "- 工具：实时仪表盘、子联盟系统、用于自定义追踪的 API、广泛的横幅库、深度链接生成器。"

• "
• Payout: Weekly in BTC, USDT, or fiat via bank wire; $50 minimum.
"

Translate: "- 付款：每周以 BTC、USDT 或法定货币通过银行电汇支付；最低 50 美元。"

• "
• Best For: High‑volume traffic sources (YouTube, crypto forums) that can deliver active traders.
"

Translate: "- 最适合：能够带来活跃交易者的高流量来源（YouTube、加密货币论坛）。"

Next: "

Coinbase

" => "### Coinbase"

List:

• "
• Commission: Flat $10 CPA for each new user who completes KYC and makes a $100+ purchase; revenue‑share not offered.
"

Translate: "- 佣金：每位完成 KYC 且消费达 100 美元以上的新用户固定 10 美元 CPA；不提供收入分成。"

• "
• Cookie Lifetime: 90 days (one of the longest in the industry).
"

Translate: "- Cookie 有效期：90 天（行业内最长之一）。"

• "
• Tools: Simple affiliate portal, conversion‑optimized landing pages, email swipe files, limited API.
"

Translate: "- 工具：简单的联盟门户、转化优化的落地页、电子邮件滑动文件、有限的 API。"

• "
• Payout: Monthly via PayPal or bank transfer; $100 minimum.
"

Translate: "- 付款：每月通过 PayPal 或银行转账；最低 100 美元。"

• "
• Best For: Beginner‑focused content (blogs, tutorials) where users need a trusted fiat on‑ramp.
"

Translate: "- 最适合：面向初学者的内容（博客、教程），用户需要值得信赖的法币入口。"

Next: "

Kraken

" => "### Kraken"

List:

• "
• Commission: 20 % revenue share on trading fees for life or CPA of $50–$150 depending on region and user tier.
"

Translate: "- 佣金：交易费用的 20% 终身收入分成 或 根据地区和用户层级的 CPA 在 50–150 美元之间。"

• "
• Cookie Lifetime: 45 days.
"

Translate: "- Cookie 有效期：45 天。"

• "
• Tools: Advanced reporting dashboard, referral link builder, access to promotional videos, API for custom integrations.
"

Translate: "- 工具：高级报告仪表盘、推荐链接构建器、宣传视频访问权限、用于自定义集成的 API。"

• "
• Payout: Bi‑weekly in crypto (BTC, ETH, USDT) or fiat; $75 minimum.
"

Translate: "- 付款：每两周以加密货币（BTC、ETH、USDT）或法定货币支付；最低 75 美元。"

• "
• Best For: Audiences interested in security and futures trading; works well with educational content.
"

Translate: "- 最适合：对安全和期货交易感兴趣的受众；与教育内容配合良好。"

Next: "

Bybit

" => "### Bybit"

List:

• "
• Commission: Up to 30 % revenue share on trading fees plus a performance‑based bonus pool; CPA options start at $80 per qualified futures trader.
"

Translate: "- 佣金：交易费用最高 30% 的收入分成 加 基于绩效的奖金池；合格期货交易者的 CPA 起始价为 80 美元。"

• "
• Cookie Lifetime: 30 days.
"

Translate: "- Cookie 有效期：30 天。"

• "
• Tools: Real‑time analytics, creative assets (banners, widgets), deep‑linking, API for post‑back tracking.
"

Translate: "- 工具：实时分析、创意素材（横幅、小部件）、深度链接、用于后回传追踪的 API。"

• "
• Payout: Weekly in USDT; $50 minimum.
"

Translate: "- 付款：每周以 USDT 支付；最低 50 美元。"

• "
• Best For: Futures and derivatives promoters; high‑leverage trading audiences.
"

Translate: "- 最适合：期货和衍生品推广者；高杠杆交易