Line bundles on perfectoid covers: case of good reduction

We study Picard groups and Picard functors of perfectoid spaces which are limits of rigid spaces. For sufficiently large covers that are limits of rigid spaces of good reduction, we show that the Picard functor can be represented by the special fibre. We use our results to answer several open questions about Picard groups of perfectoid spaces from the literature, for example we show that these are not always $p$-divisible. Along the way, we construct a "Hodge--Tate spectral sequence for $\mathbb G_m$" of independent interest.