Why doesn't the company hire someone in another time zone?
We have teams in other time zones, but we're sectioned off in such a way that every team manages their own operations, and members within a team tend to be clustered within similarly banded zones (for easier collaboration, etc.).
Track how much sleep you're losing and document how unsustainable this is to HR as you leave. Uncompensated, sleep-depriving on-call is not the norm nor should it be for a company of any decent size.
I should also add my team has an automatic comp day at the end of our rotation, though that's handled on a team-by-team basis. Plus it's not uncommon to get an extra comp day if you have a particularly brutal week or support some major off-hours work.