translated title, SUMMARY: translated summary under 160 chars, then blank line, then CONTENT: and then the translated article in markdown format. No JSON, no code blocks.

Then the translated markdown.

We'll translate each section.

Introduction:

"Cryptocurrency trading has exploded in popularity, and with it, the affiliate programs offered by major exchanges have become a lucrative avenue for marketers. Choosing the right program isn’t just about the highest payout; it’s about understanding the commission model, the promotional tools available, and how well the exchange aligns with your audience. This guide breaks down the top crypto exchanges, compares their affiliate structures, and highlights the tools that can help you succeed."

Translate:

"加密货币交易的普及度激增，随之而来的是主要交易所提供的联盟计划已成为营销人员获利的渠道。选择合适的计划不仅仅是看最高的派发；更重要的是了解佣金模式、可用的推广工具，以及交易所与你受众的匹配度。本指南将拆解顶级加密货币交易所，比较他们的联盟结构，并突出能够帮助你成功的工具。"

Why Affiliate Programs Matter in Crypto:

"Affiliate programs let you earn a share of the trading fees generated by users you refer. Because crypto trading volumes can be massive, even a small percentage can translate into significant recurring income. Moreover, many exchanges offer lifetime commissions, meaning you continue to earn as long as your referred users stay active. The right program can turn a modest traffic source into a steady revenue stream."

Translate:

"联盟计划让你能够获得你所推荐用户产生的交易费用的一部分。由于加密货币交易量可能非常巨大，即便是微小的比例也能转化为可观的经常性收入。此外，许多交易所提供终身佣金，意味着只要你推荐的用户保持活跃，你就能持续获得收益。合适的计划可以将微小的流量来源转化为稳定的收入流。"

Overview of Top Crypto Exchanges:

"Below are five exchanges that consistently rank among the largest by trading volume and offer well‑known affiliate programs."

Translate:

"以下是五家在交易量上始终位列前列且提供知名联盟计划的交易所。"

Then list items:

Binance – The world’s largest exchange by volume, supporting hundreds of coins and futures products.

Translate: "币安 – 按交易量计全球最大的交易所，支持数百种币种及期货产品。"

Coinbase – A U.S.–based, regulated platform popular with beginners and institutional investors.

Translate: "Coinbase – 美国本土、受监管的平台，深受新手和机构投资者欢迎。"

Kraken – Known for strong security, advanced trading features, and a solid fiat‑on‑ramp.

Translate: "Kraken – 以强安全性、高级交易功能以及稳固的法币入金通道著称。"

Bybit – A derivatives‑focused exchange with high leverage options and a growing spot market.

Translate: "Bybit – 专注于衍生品的交易所，提供高杠杆选项且现货市场不断增长。"

KuCoin – Often called the “people’s exchange,” offering a wide altcoin selection and community‑driven initiatives.

Translate: "KuCoin – 常被称为“人民的交易所”，提供广泛的山寨币选择及社区驱动的活动。"

Then paragraph: "Each of these platforms runs an affiliate program, but the details vary widely."

Translate: "这些平台都各自运营联盟计划，但细节差异较大。"

Commission Structures Compared heading: keep as is but translated: "佣金结构比较"

Then each exchange subsection.

Binance:

Model: Revenue share based on trading fees of referred users.

Translate: "模式：基于被推荐用户产生的交易费用的收入分成。"

Rate: Up to 50 % of the exchange’s fee for spot trading; futures commissions can reach 30‑40 %.

Translate: "费率：现货交易最高可达交易所费用的 50 %；期货佣金可达 30‑40 %。"

Payout: Daily, in BTC or USDT, with a low minimum threshold.

Translate: "结算：每日以 BTC 或 USDT 发放，最低门槛较低。"

Notes: Tiered system; higher volumes unlock better percentages. No CPA (cost‑per‑action) option.

Translate: "备注：采用分层制度，交易量越大可获得更高比例。无 CPA（按行动付费）选项。"

Coinbase:

Model: CPA for new verified users + optional revenue share.

Translate: "模式：对新验证用户的 CPA 加上可选的收入分成。"

CPA: $10‑$20 per qualified user (depends on region and KYC level).

Translate: "CPA：每位合格用户 10‑20 美元（取决于地区及 KYC 级别）。"

Revenue Share: Up to 20 % of trading fees for the first three months.

Translate: "收入分成：前三个月最高可获交易费用的 20 %。"

Payout: Monthly via bank transfer or crypto.

Translate: "结算：每月通过银行转账或加密货币发放。"

Notes: Strong brand trust makes conversion easier, but the CPA is lower than some competitors.

Translate: "备注：强大的品牌信任提升转化率，但 CPA 较一些竞争对手低。"

Kraken:

Model: Pure revenue share.

Translate: "模式：纯收入分成。"

Rate: 20‑30 % of trading fees, lifetime.

Translate: "费率：交易费用的 20‑30 %，终身有效。"

Payout: Weekly, in BTC, ETH, or USD.

Translate: "结算：每周以 BTC、ETH 或 USD 发放。"

Notes: No CPA; focuses on long‑term partnerships. Good for audiences interested in security and fiat gateways.

Translate: "备注：无 CPA；侧重长期合作。适合关注安全性和法币通道的受众。"

Bybit:

Model: Hybrid – CPA for first‑time depositors + revenue share.

Translate: "模式：混合模式——首次存款用户的 CPA 加上收入分成。"

CPA: $30‑$50 per qualified deposit (varies by campaign).

Translate: "CPA：每笔合格存款 30‑50 美元（依活动而异）。"

Revenue Share: Up to 40 % of futures trading fees, lifetime.

Translate: "收入分成：期货交易费用最高可达 40 %，终身有效。"

Payout: Bi‑weekly, in USDT or BTC.

Translate: "结算：每两周以 USDT 或 BTC 发放。"

Notes: Attractive for affiliates targeting high‑leverage traders; strong promotional bonuses.

Translate: "备注：吸引瞄准高杠杆交易者的联盟成员；提供强力促销奖励。"

KuCoin:

Model: Revenue share with a “Referral Bonus” boost.

Translate: "模式：收入分成附带“推荐奖励”提升。"

Rate: 30‑40 % of trading fees, lifetime; plus a one‑time bonus of up to $50 for each user who trades over $1,000 in the first 30 days.

Translate: "费率：交易费用的 30‑40 %，终身有效；此外，对于首 30 天内交易额超过 1,000 美元的每位用户，最高可获得一次性 50 美元奖励。"

Payout: Weekly, in KCS or USDT.

Translate: "结算：每周以 KCS 或 USDT 发放。"

Notes: Community‑centric; offers extra rewards for holding KCS.

Translate: "备注：以社区为中心；持有 KCS 可获得额外奖励。"

Quick Comparison Table: need to translate headers and content.

Original table:

| Exchange | Commission Type | Max Rate | CPA (if any) | Payout Frequency | Notable Bonus | |----------|----------------|----------|--------------|------------------|

We need to fill rows? The original had incomplete table; we will translate headers and keep empty cells as is? Better to translate headers and keep same structure.

Headers translation:

Exchange -> 交易所 Commission Type -> 佣金类型 Max Rate -> 最高费率 CPA (if any) -> CPA（如有） Payout Frequency -> 结算频率 Notable Bonus -> 显著奖励

We'll keep the same markdown table with headers translated and rows as originally (maybe we can fill with translated values). But original rows were missing; we can just keep empty rows? Better to keep same structure but with translated headers.

Thus:

We could also add rows with translated info but not required. The instruction: translate article naturally. So we should translate the table content as well. Let's fill rows with translated data from each exchange.

We need to map each exchange's data:

Binance: - Commission Type: Revenue share (收入分成) - Max Rate: Up to 50% spot, futures 30‑40% (最高可达 50% 现货，期货 30‑40%) - CPA (if any): None (无) - Payout Frequency: Daily (每日) - Notable Bonus: Tiered system, higher volumes unlock better percentages (分层制度，交易量越大比例越高)

Coinbase: - Commission Type: CPA + optional revenue share (CPA + 可选收入分成) - Max Rate: Up to 20% revenue share for first 3 months (前三个月最高 20% 收入分成) - CPA: $10‑$20 per qualified user (每位合格用户 10‑20 美元) - Payout Frequency: Monthly (每月) - Notable Bonus: Strong brand trust aids conversion (强大品牌信任提升转化)

Kraken: - Commission Type: Pure revenue share (纯收入分成) - Max Rate: 20‑30% lifetime (终身 20‑30%) - CPA: None (无) - Payout Frequency: Weekly (每周) - Notable Bonus: Focus on security and fiat gateways (侧重安全及法币入金)

Bybit: - Commission Type: Hybrid – CPA for first‑