The research aims at comparing the structure, semantics and pragmatics of antiphrasis-based folk similes in the English and Ukrainian languages. To achieve the purpose of the study, we have applied the methodology integrating the methods of pragmatic analysis and general scientific methods. The method of contrastive analysis is used to reveal the unique and similar features of the contrasted languages. Antiphrasis-based folk similes have been sampled from a wide variety of sources, including dictionaries of proverbs, idioms, proverbial similes and comparisons, internet sites, electronic databases of idioms. The isomorphic feature of these folk similes is the fact that all of them are antiphrasis-based. They are the means of creating implicatures, which we define as antiphrastic
antiphrasis; antiphrasis-based folk similes; ironic simile, antiphrastic implicature, The Cooperative Principle