On my K7/200 kpm shows the string "(none)" in the small bar of the used
swap memory, (or it says "swap used 0K/0K" in text mode).
The SWAP column shows some swap usage, the swap memory works fine and is
used by some process.
I have the same problem. kpm says "Swap: 0K/0K" while free correctly shows
Swap: 265032 14792 250240
This is fixed in 2.0
The problem disappears by changing the kernel from kernel-2.2.16-22 (RedHat) to
a freshly compiled 2.2.18.