A compression bit (carbide)
Upcut at the tip and downcut above, it leaves clean top and bottom veneers in a single pass. Carbide, because plywood's glue lines are abrasive and dull bits fast.
The three things that matter most:
Set your cutter diameter, flutes and RPM and read the feed rate and chip load. This is the same tool as the plywood feed & speed page, which carries the full chip-load reference table.
Your chip load is 0.3175 mm per tooth, which is within the recommended 0.254–0.381 mm range for plywood with a 6.35 mm upcut spiral.
Plywood. Alternating grain direction between plies means a compression bit earns its price here - it keeps both the top and bottom veneer intact.
Upcut spiral. The baseline the published charts assume. Chips are lifted clear of the cut, which keeps heat out of the workpiece at the cost of tear-out on the top surface.
A compression bit is the standard answer for through-cutting plywood: it is upcut at the tip and downcut above, so it lifts the bottom veneer up-clean and presses the top veneer down-clean in a single pass. For cuts that don't go all the way through, a downcut gives the clean top edge. Use carbide - the glue lines eat cutting edges.
Plywood's difficulty is structural, not thermal, so feeds are less fussy than the bit choice - but keep the chip load in a sensible window so the bit shears the veneers instead of fuzzing them. Get the exact starting figure from the calculator, pre-filled for plywood below, and lean on bit geometry for edge quality.
Sheet goods want broad, even hold-down: a vacuum table is ideal, tabs and screws in the waste otherwise, and full support underneath so the panel cannot lift and tear. Through-cut parts should be tabbed so they don't shift free mid-cut and get thrown.
A clean plywood cut has crisp top and bottom edges and severs the glue lines without fringing. Fuzzy or splintered top edge means the wrong bit direction - move to downcut or compression. A rough bottom edge on a through-cut is the same story from the other face, which is exactly what the compression bit solves.
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Upcut at the tip and downcut above, it leaves clean top and bottom veneers in a single pass. Carbide, because plywood's glue lines are abrasive and dull bits fast.
Tooling and technique are drawn from manufacturer documentation and established references; starting ranges are exactly that - the exact feed and chip load for your cutter come from the calculator above, never invented here.