Peter out with shrink? (6)
I believe the answer is:
recede
I believe this is a double definition.
'peter out' is the first definition.
(thesaurus)
'shrink?' is the second definition.
(thesaurus)
'with' acts as a link.
(Other definitions for recede that I've seen before include "Go back, ebb" , "Decline" , "Move backward" , "Start balding" , "Go backwards" .)