For melamine, the compression bits are your best option. Personally, I like to use the Whiteside UD2102 1/4" compression bits ($25-$35 each). Compression bits do not need to be run in single pass, but they do need to be run deep enough to allow the down cut portion of the spiral to clear the melamine top edge. This will vary from bit to bit. For most of my melamine cuts, I use 3 passes. Also, please be aware that melamine chips rather easily and the bits need to be sharp when cutting. As a result, I can only get 3-4 sheets of melamine (depending on pocketing) cut with a single bit before they start to chip. The bit is perfectly fine for cutting plywood and MDF in the future, but is not sharp enough to keep cutting melamine. The melamine runs me about $38 per sheet when purchased in bulk. Good luck.
Brian