Javier:
(1) Are you using SLMW Hyaluronic Acid or “Regular” Hyaluronic Acid? If you are using Regular Hyaluronic Acid at 1%, you will get some thickening of your formulation from the HA alone, so you’re halfway there (assuming you’re trying to end up with a viscous liquid that can be dispensed from a bottle dropper)
(2) You can eliminate this problem altogether by using thickeners/gelling agents other than Carbomer 940 that won’t require neturalization, so you can eliminate the Carbomer/TEA from your formulation.
(3) Your options are: Xanthan Gum (as you mentioned), Hydroxyethylcellulose (or any other cellulose derivative), Sclerotium Gum, Konjac Root Powder, or a combination of Xanthan/HEC, HEC/Konjac, Xanthan/Sclerotium. Xanthan and Konjac when mixed immediately gels, so you would end up with a gel instead of a serum. Lucas Meyer has a nice combo ECOGEL, that combines Sclerotium, Xanthan, Pullulan and Lysolecithin that I am just playing around with, but it has interesting properties.
The ingredients in (3) are going to be much more forgiving to mechanical agitation (stirring or shear) than Carbomer/TEA regarding entrained bubbles.
Which leads to the question … What device are you using for mixing … an overhead mixer? spatula? or other stirrer? Whatever you’re using is introducing bubbles into the system if you are mixing at too high of a speed.