translated title, SUMMARY: translated summary under 160 chars, then CONTENT: translated article in markdown format. Must not include JSON or code blocks. Just plain text with those headings.

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

We need to ensure summary under 160 characters (Chinese characters count). Provide translation.

Original title: "Top Crypto Exchange Affiliate Programs Compared: Commissions & Tools"

Translate: "顶级加密货币交易所联盟计划对比：佣金与工具"

Summary original: "Discover how leading crypto exchanges stack up for affiliate marketers, comparing commission rates, payout models, and promotional tools to maximize earnings."

Translate: "了解领先的加密货币交易所在联盟营销中的表现，对比佣金比例、付款模式和推广工具，以最大化收益。"

We need to ensure under 160 characters. Let's count: Chinese characters count each as one. Let's count roughly: "了解领先的加密货币交易所在联盟营销中的表现，对比佣金比例、付款模式和推广工具，以最大化收益。" Count characters: 了解(2) 领先的(3) 加密货币(4) 交易所(2) 在(1) 联盟营销(4) 中的(2) 表现(2)， 对比(2) 佣金比例(3)、 付款模式(3) 和(1) 推广工具(3)， 以(1) 最大化(2) 收益(2)。 Total approx: 2+3+4+2+1+4+2+2+2+2+3+3+3+1+3+1+2+2 =? Let's sum: 2+3=5, +4=9, +2=11, +1=12, +4=16, +2=18, +2=20, +2=22, +2=24, +3=27, +3=30, +3=33, +1=34, +3=37, +1=38, +2=40, +2=42. So 42 characters, well under 160.

Now content: need to translate entire article into Chinese markdown. Must preserve headings (

etc?) The original article uses HTML tags (

,

,

,
• , , ). We need to translate content but keep markdown format. The instruction: "translated article in markdown format". So we should convert HTML to markdown? Or keep HTML but translate text inside? Probably we should convert to markdown using appropriate markdown syntax (e.g., ## for headings, ** for bold, * for italic, etc.). But the original uses HTML tags; we could keep them but translate inner text. However they said markdown format, so better to convert to markdown.

  We'll produce something like:

  引言

  ... etc.

  We need to translate all paragraphs, list items, etc.

  Let's do that.

  We'll need to translate technical terms but keep some terms like "API", "KYC", "USDT", "BUSD", "BNB", "USDC", "KCS" unchanged.

  We'll translate the content.

  Let's go section by section.

  Original:

  Introduction

  The crypto boom has turned many traders into promoters, and affiliate programs offered by exchanges are a lucrative way to earn passive income. However, not all programs are created equal—commission structures vary widely, and the quality of marketing tools can make or break your success. This guide breaks down the most important factors to consider when comparing top crypto exchange affiliate programs, giving you practical advice to pick the best fit for your audience and traffic sources.

  Translate:

  引言

  加密货币的繁荣让许多交易者变成了推广者，交易所提供的联盟计划是赚取被动收入的 lucrative 方式。然而，并非所有计划都一样——佣金结构差异很大，营销工具的质量可能成就或毁掉你的成功。本指南将分解在比较顶级加密货币交易所联盟计划时需要考虑的最重要因素，为你提供实用建议，帮助你根据受众和流量来源选择最合适的计划。

  Note: Keep "lucrative" maybe translate as "赚钱的". We'll translate.

  Next section:

  How Crypto Exchange Affiliate Programs Work

  Most exchanges provide a unique referral link or code that tracks new users who sign up and trade through your promotion. When those users generate fees—whether spot, futures, or margin—the exchange shares a portion of that revenue with you. Payments are typically made in the exchange’s native token, Bitcoin, or a stablecoin, and are released on a weekly, bi‑weekly, or monthly basis. Understanding the mechanics behind tracking, attribution, and payout schedules is the first step to evaluating any program.

  Translate:

  加密货币交易所联盟计划如何运作

  大多数交易所提供独特的推荐链接或代码，用于追踪通过你的推广注册并进行交易的新用户。当这些用户产生费用——无论是现货、期货还是保证金——交易所会将其中的一部分收入分给你。付款通常以交易所的原生代币、比特币或稳定币形式发放，发放周期可以是每周、每两周或每月。理解追踪、归因和付款时间表的机制是评估任何计划的第一步。

  Next:

  Commission Structures: What to Look For

  Translate:

  佣金结构：需要关注什么

  Then subsections:

  Revenue Share

  The most common model pays you a percentage of the trading fees generated by your referrals. Rates usually range from 20% to 50% of the exchange’s fee income, depending on the volume tier you achieve. Some platforms start low and increase the share as your referred traders reach higher monthly volumes.

  • Pros: Earnings scale with trader activity; long‑term passive income potential.
  • Cons: Income can be volatile if traders are inactive or shift to low‑fee pairs.

  Translate:

  收益分成

  最常见的模式是按你的推荐用户产生的交易费用的一定比例支付给你。费率通常在交易所手续费收入的 20% 至 50% 之间，具体取决于你达到的交易量层级。一些平台起步比例较低，随着你推荐的交易者月交易量提升而提高分成比例。

  • 优点： 收益随交易者活动增长；具备长期被动收入潜力。
  • 缺点： 如果交易者不活跃或转向低费用交易对，收入可能波动。

  Next:

  CPA (Cost‑Per‑Action)

  A fixed bounty is paid for each qualifying action—often a new user who completes KYC and makes a first deposit or trade above a minimum threshold. CPA offers can range from $50 to $200 per user, sometimes higher for institutional‑focused exchanges.

  • Pros: Predictable, upfront payout; ideal for traffic bursts or promotional campaigns.
  • Cons: No ongoing earnings from the user’s future trading; may require higher acquisition costs.

  Translate:

  CPA（每项行动成本）

  对于每项符合条件的行为（通常是新用户完成 KYC 并进行首次存款或交易，金额超过最低门槛），会支付固定的奖励。CPA 提供的奖励通常每位用户在 50 美元至 200 美元 之间，机构导向的交易所有时会更高。

  • 优点： 预付且可预测的支付；适合流量激增或促销活动。
  • 缺点： 用户未来交易没有持续收益；可能需要更高的获取成本。

  Next:

  Hybrid Models

  Several exchanges combine a modest CPA for the initial signup with a smaller revenue share on subsequent fees. This approach balances immediate cash flow with long‑term upside.

  • Example: $100 CPA + 15% revenue share on fees for the first six months.

  When comparing programs, examine the fine print: Are there caps on revenue share? Does the CPA require a minimum deposit amount? Are there claw‑back provisions if a referred user withdraws funds quickly?

  Translate:

  混合模式

  几家交易所将初始注册的适度 CPA 与后续费用的较小收益分成相结合。这种方式兼顾即时现金流和长期上升空间。

  • 示例： 100 美元 CPA + 前六个月费用的 15% 收益分成。

  在比较计划时，请查看细则：收益分成是否有上限？CPA 是否要求最低存款额？如果被推荐用户快速提取资金，是否有追回条款？

  Next section:

  Promotional Tools and Resources

  A strong affiliate program supplies more than just a link—it gives you the assets needed to convert visitors effectively.

  Tracking Dashboards

  Real‑time reporting is essential. Look for dashboards that show clicks, sign‑ups, deposits, trading volume, and earned commissions broken down by day, week, and month. Some platforms offer sub‑ID tracking, letting you test different creatives or traffic sources.

  Creative Assets

  Banner ads, landing pages, video tutorials, and pre‑written copy save time and improve conversion rates. The best programs provide a library of A/B‑tested creatives in multiple languages and sizes (e.g., 300×250, 720×90, native ad formats).

  API Access

  Advanced affiliates may want to build custom tools or integrate referral data into their own analytics. An API that exposes referral stats, payout details, and user metadata (while respecting privacy) is a valuable differentiator.

  Educational Content

  Exchanges that offer academy courses, webinars, or market analysis give you material to educate your audience, which builds trust and encourages higher‑value trading activity.

  Translate:

  推广工具与资源

  强大的联盟计划不仅仅提供一个链接——它会给你转化访客所需的资源。

  跟踪仪表盘

  实时报告至关重要。寻找能够按天、周、月展示点击量、注册人数、存款、交易量以及已赚取佣金的仪表盘。某些平台提供子 ID 跟踪，让你可以测试不同的创意或流量来源。

  创意资源

  横幅广告、登陆页面、视频教程和预写文案可以节省时间并提升转化率。顶级计划会提供多语言、多尺寸（例如 300×250、720×90、原生广告格式）的经 A/B 测试的创意库。

  API 访问

  高级联盟成员可能希望构建自定义工具或将推荐数据集成到自己的分析中。一个能够暴露推荐统计、付款详情和用户元数据（同时尊重隐私）的 API 是重要的区分点。

  教育内容

  提供学院课程、网络研讨会或市场分析的交易所能为你提供教育受众的材料，这有助于建立信任并鼓励更高价值的交易活动。

  Next section:

  Comparing Top Exchanges

  Below is a snapshot of five leading platforms and what they offer affiliates. Numbers are indicative; always verify the latest terms on each exchange’s affiliate page.

  • Binance