Honda, you are fine with that air space, since the co2 drove out all of the Oxygen.
However, if you rack your wine into a new carboy, all of that co2 goes away, and since fermentation is done, there will be no new carbonation to drive out the oxygen again.
Since racking wine is often a good idea, you'll need a solution when the time comes. As long as it's sitting in your primary with the air lock in tact, there should be nothing to worry about.
If / when you transfer to a new carboy, there are a number of things you can do.
1) transfer to a smaller carboy, and take up all the head space
2) transfer to a similar-sized container, and top it off with more juice/water
3) place some sterile marbles (100% glass only, please) in the container to take up space
4) "purge" the container with co2 if you have a co2 tank
#2 could throw your ABV calculation off, so be sure to take a gravity reading before and after adding new liquid.
I've never made grapefruit wine, but I imagine racking to a new carboy is a good idea to help clarify your wine. You could bottle it directly and let it age in the bottles. It just may not clear up as nicely as you want.
I hope this helps.