<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002007305</cik>
        <entityName>Graham Capital Fund II, LLC</entityName>
        <issuerAddress>
            <street1>1801 FIFTH AVENUE NORTH</street1>
            <street2>SUITE 300</street2>
            <city>BIRMINGHAM</city>
            <stateOrCountry>AL</stateOrCountry>
            <stateOrCountryDescription>ALABAMA</stateOrCountryDescription>
            <zipCode>35203</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>205-871-7100</issuerPhoneNumber>
        <jurisdictionOfInc>ALABAMA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2023</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Allen</firstName>
                <middleName>Taylor</middleName>
                <lastName>Graham</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1801 Fifth Avenue North</street1>
                <street2>Suite 300</street2>
                <city>Birmingham</city>
                <stateOrCountry>AL</stateOrCountry>
                <stateOrCountryDescription>ALABAMA</stateOrCountryDescription>
                <zipCode>35203</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Issuer's managing entity</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <middleName>W</middleName>
                <lastName>Graham</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1801 Fifth Avenue North</street1>
                <street2>Suite 300</street2>
                <city>Birmingham</city>
                <stateOrCountry>AL</stateOrCountry>
                <stateOrCountryDescription>ALABAMA</stateOrCountryDescription>
                <zipCode>35203</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Issuer's managing entity</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Henry</firstName>
                <middleName>V</middleName>
                <lastName>Graham</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1801 Fifth Avenue North</street1>
                <street2>Suite 300</street2>
                <city>Birmingham</city>
                <stateOrCountry>AL</stateOrCountry>
                <stateOrCountryDescription>ALABAMA</stateOrCountryDescription>
                <zipCode>35203</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Issuer's managing entity</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2024-01-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>50000000</totalOfferingAmount>
            <totalAmountSold>37920000</totalAmountSold>
            <totalRemaining>12080000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>95</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Related Persons named in Item 3 control an entity entitled to an annual fee for management services of 1.5% to 2.0% of the committed or called capital of the Issuer, which amounts may be paid from proceeds in the absence of other available funds.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Graham Capital Fund II, LLC</issuerName>
                <signatureName>Allen Taylor Graham</signatureName>
                <nameOfSigner>Allen Taylor Graham</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2024-02-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
