I have similar behaviour on my Ubuntu 15.04, Intel Atom D2500 Dual LAN,
Dual COM Fanless Mini-ITX PC with 4 GB RAM and 128 GB SSD.

In few days after reboot kswapd0 starts to take 100% CPU  (see
highlighted row here
https://gist.github.com/SamSoldatenko/83eaf196721bc51d7d55#file-
gistfile1-txt-L29 ). No load. 3Gb free memory (out of 4), 10Gb swap
space.

$ uname -a
Linux minisrv1 3.19.0-26-generic #28-Ubuntu SMP Tue Aug 11 14:16:45 UTC 2015 
i686 i686 i686 GNU/Linux

$ sudo dmidecode -s bios-version && sudo dmidecode -s bios-release-date
CCCDT10N.86A.0032.2012.0323.1510
03/23/2012

$ uptime
 22:39:01 up 8 days,  5:43,  1 user,  load average: 1.34, 1.23, 1.23

$ sudo ps auxf
USER       PID %CPU %MEM    VSZ   RSS TTY      STAT START   TIME COMMAND
root         2  0.0  0.0      0     0 ?        S    Sep26   0:15 [kthreadd]
root         3  0.0  0.0      0     0 ?        S    Sep26   4:39  \_ 
[ksoftirqd/0]
root         5  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[kworker/0:0H]
root         7  0.6  0.0      0     0 ?        S    Sep26  76:29  \_ [rcu_sched]
root         8  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [rcu_bh]
root         9  0.5  0.0      0     0 ?        S    Sep26  64:30  \_ 
[migration/0]
root        10  0.2  0.0      0     0 ?        S    Sep26  23:57  \_ 
[watchdog/0]
root        11  0.2  0.0      0     0 ?        S    Sep26  26:02  \_ 
[watchdog/1]
root        12  0.6  0.0      0     0 ?        S    Sep26  75:46  \_ 
[migration/1]
root        13  0.0  0.0      0     0 ?        S    Sep26   4:38  \_ 
[ksoftirqd/1]
root        15  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[kworker/1:0H]
root        16  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [khelper]
root        17  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [kdevtmpfs]
root        18  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [netns]
root        19  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [perf]
root        20  0.0  0.0      0     0 ?        S    Sep26   0:05  \_ 
[khungtaskd]
root        21  0.0  0.0      0     0 ?        S<   Sep26   0:01  \_ [writeback]
root        22  0.0  0.0      0     0 ?        SN   Sep26   0:00  \_ [ksmd]
root        23  0.0  0.0      0     0 ?        SN   Sep26   0:40  \_ 
[khugepaged]
root        24  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [crypto]
root        25  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[kintegrityd]
root        26  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [bioset]
root        27  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [kblockd]
root        28  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [ata_sff]
root        29  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [md]
root        30  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[devfreq_wq]
root        34 31.5  0.0      0     0 ?        R    Sep26 3748:10  \_ [kswapd0]
root        35  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ 
[fsnotify_mark]
root        36  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ 
[ecryptfs-kthrea]
root        48  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [kthrotld]
root        49  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[acpi_thermal_pm]
root        51  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[ipv6_addrconf]
root        70  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [deferwq]
root        71  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[charger_manager]
root       118  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [kpsmoused]
root       119  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [scsi_eh_0]
root       120  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[scsi_tmf_0]
root       121  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [scsi_eh_1]
root       122  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[scsi_tmf_1]
root       123  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [scsi_eh_2]
root       124  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[scsi_tmf_2]
root       125  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [scsi_eh_3]
root       126  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[scsi_tmf_3]
root       138  0.0  0.0      0     0 ?        S    Sep26   0:57  \_ 
[jbd2/sda1-8]
root       139  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ 
[ext4-rsv-conver]
root       181  0.0  0.0      0     0 ?        S    Sep26   0:00  \_ [kauditd]
root       297  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [hd-audio0]
root       310  0.0  0.0      0     0 ?        S<   Sep26   0:50  \_ 
[kworker/1:1H]
root       311  0.0  0.0      0     0 ?        S<   Sep26   0:56  \_ 
[kworker/0:1H]
root       602  0.0  0.0      0     0 ?        S<   Sep26   0:00  \_ [cfg80211]
root      5464  0.1  0.0      0     0 ?        S    15:14   0:51  \_ 
[kworker/1:2]
root      6065  0.3  0.0      0     0 ?        S    17:12   1:13  \_ 
[kworker/0:1]
root      7237  0.4  0.0      0     0 ?        S    20:54   0:29  \_ 
[kworker/1:0]
root      7648  0.0  0.0      0     0 ?        S    22:15   0:00  \_ 
[kworker/0:0]
root      7732  1.0  0.0      0     0 ?        S    22:15   0:15  \_ 
[kworker/u8:0]
root      7839  0.4  0.0      0     0 ?        S    22:31   0:02  \_ 
[kworker/u8:2]
root         1  0.1  0.4  20180 18464 ?        Ss   Sep26  12:28 /sbin/init text
root       234  0.0  0.0   9416  3428 ?        Ss   Sep26   4:27 
/lib/systemd/systemd-journald
root       237  0.0  0.0  13224  3428 ?        Ss   Sep26   0:00 
/lib/systemd/systemd-udevd
systemd+   378  0.0  0.0  12424  2200 ?        Ssl  Sep26   0:22 
/lib/systemd/systemd-timesyncd
whoopsie   547  0.1  0.2  73256 11208 ?        Ssl  Sep26  14:21 
/usr/bin/whoopsie -f
root       570  0.0  0.0   5572  2768 ?        Ss   Sep26   0:59 /usr/sbin/cron 
-f
root       573  0.0  0.2  41140  8560 ?        Ssl  Sep26   1:20 
/usr/sbin/ModemManager
syslog     574  0.0  0.5  50220 22236 ?        Ssl  Sep26   1:03 
/usr/sbin/rsyslogd -n
avahi      575  0.0  0.0   3736  2816 ?        Ss   Sep26   0:53 avahi-daemon: 
running [minisrv1-3.local]
avahi      583  0.0  0.0   3616   212 ?        S    Sep26   0:00  \_ 
avahi-daemon: chroot helper
root       585  1.1  0.3  82884 13480 ?        Ssl  Sep26 141:59 
/usr/sbin/NetworkManager --no-daemon
root       684  0.0  0.1   9300  4564 ?        S    Sep26   0:00  \_ 
/sbin/dhclient -d -q -sf /usr/lib/NetworkManager/nm-dhcp-helper -pf 
/run/sendsigs.omit.d/network-manager.dhclient-eth0.pid -lf 
/var/lib/NetworkManager/dhclient-eba3cda0-1d2d-4db7-a1dd-a90fde49ac32-eth0.lease
 -cf /var/lib/NetworkManager/dhclient-eth0.conf eth0
nobody     687  0.0  0.0   6724  3104 ?        S    Sep26   3:53  \_ 
/usr/sbin/dnsmasq --no-resolv --keep-in-foreground --no-hosts --bind-interfaces 
--pid-file=/run/sendsigs.omit.d/network-manager.dnsmasq.pid 
--listen-address=127.0.1.1 --conf-file=/var/run/NetworkManager/dnsmasq.conf 
--cache-size=0 --proxy-dnssec 
--enable-dbus=org.freedesktop.NetworkManager.dnsmasq 
--conf-dir=/etc/NetworkManager/dnsmasq.d
message+   597  0.1  0.0   5836  3616 ?        Ss   Sep26  13:29 
/usr/bin/dbus-daemon --system --address=systemd: --nofork --nopidfile 
--systemd-activation
postgres   614  0.0  0.3 193456 14268 ?        S    Sep26   1:15 
/usr/lib/postgresql/9.4/bin/postgres -D /var/lib/postgresql/9.4/main -c 
config_file=/etc/postgresql/9.4/main/postgresql.conf
postgres   645  0.0  0.0 193456  3184 ?        Ss   Sep26   0:01  \_ postgres: 
checkpointer process                                                  
postgres   646  0.0  0.0 193456  2336 ?        Ss   Sep26   2:02  \_ postgres: 
writer process                                                        
postgres   647  0.0  0.0 193456  3260 ?        Ss   Sep26   2:03  \_ postgres: 
wal writer process                                                    
postgres   648  0.0  0.1 193756  5480 ?        Ss   Sep26   1:18  \_ postgres: 
autovacuum launcher process                                           
postgres   649  0.0  0.0  50968  3576 ?        Ss   Sep26   0:24  \_ postgres: 
stats collector process                                               
root       621  0.0  0.2  39420 11204 ?        Ssl  Sep26   2:12 
/usr/lib/policykit-1/polkitd --no-debug
root       622  0.0  0.1  21832  6580 ?        Ssl  Sep26   1:37 
/usr/sbin/cups-browsed
root       661  0.0  0.1   8580  4880 ?        Ss   Sep26   4:43 /usr/sbin/sshd 
-D
root      9944  0.0  0.1  11872  5640 ?        Ss   Oct02   0:00  \_ sshd: git 
[priv]
root      7641  0.0  0.1  11872  5860 ?        Ss   22:15   0:00  \_ sshd: sam 
[priv]
sam       7716  0.2  0.0  12004  3204 ?        S    22:15   0:03      \_ sshd: 
sam@pts/0
sam       7717  0.1  0.1   7572  5088 pts/0    Ss   22:15   0:02          \_ 
-bash
root      7882  0.0  0.0   6800  3648 pts/0    S+   22:40   0:00              
\_ sudo ps auxf
root      7883  0.0  0.0   5316  2388 pts/0    R+   22:40   0:00                
  \_ ps auxf
root       670  0.0  0.0   4740  1928 tty1     Ss+  Sep26   0:00 /sbin/agetty 
--noclear tty1 linux
kernoops   879  0.0  0.0   7116  2616 ?        Ss   Sep26   0:23 
/usr/sbin/kerneloops
root      1704  0.0  0.0  42560   992 ?        Ss   Sep26   0:00 nginx: master 
process /usr/sbin/nginx -g daemon on; master_process on;
www-data  1705  0.1  0.0  42692  2912 ?        S    Sep26  17:17  \_ nginx: 
worker process
www-data  1706  0.1  0.0  42692  2912 ?        S    Sep26  17:31  \_ nginx: 
worker process
www-data  1707  0.0  0.0  42692  2912 ?        S    Sep26   0:00  \_ nginx: 
worker process
www-data  1708  0.1  0.0  42692  2912 ?        S    Sep26  17:41  \_ nginx: 
worker process
root      6137  0.0  0.0   4400  2044 ?        Ss   Sep26   3:52 
/usr/sbin/irqbalance --pid=/var/run/irqbalance.pid
root      6487  0.0  0.1  46964  6536 ?        Ssl  Sep26   4:35 
/usr/sbin/thermald --no-daemon --dbus-enable
git       7916  0.0  0.0   5684  3912 ?        Ss   Sep26   0:00 
/lib/systemd/systemd --user
git       7917  0.0  0.0   7012   852 ?        S    Sep26   0:00  \_ (sd-pam)
root      5378  0.0  0.1  12496  5108 ?        Ss   Sep27   0:00 
/usr/sbin/cupsd -l
root      8072  0.0  0.1   8468  6796 ?        Ss   Oct02   0:34 
/lib/systemd/systemd-logind
sam       7645  0.0  0.1   5684  4120 ?        Ss   22:15   0:00 
/lib/systemd/systemd --user
sam       7646  0.0  0.3  21148 15116 ?        S    22:15   0:00  \_ (sd-pam)

$ free -m
             total       used       free     shared    buffers     cached
Mem:          4020       1027       2993         54          2        124
-/+ buffers/cache:        900       3120
Swap:        10220         10      10210

$ sudo swapon -s
Filename                                Type            Size    Used    Priority
/dev/sda5                               partition       2077692 10952   -1
/swapfile                               file            8388604 0       -2

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https://bugs.launchpad.net/bugs/1476211

Title:
  kswapd takes 100% CPU although there is no swap

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