Arrhythmias are among the diseases with high mortality rates worldwide, causing millions of deaths each year. This underscores the importance of real-time electrocardiogram (ECG) monitoring for timely heart disease diagnosis and intervention. Deep learning models, trained on ECG signals across twelve or more leads, are the predominant approach for automated arrhythmia detection in the AI-assisted medical field. While these multi-lead ECG-based models perform well in automatic arrhythmia detection, their complexity often restricts their use on resource-constrained devices. In this paper, we propose an efficient, lightweight arrhythmia classification model using a knowledge distillation technique to train a student model from a teacher model, tailored for embedded intelligence in wearable devices. The results show that the student model achieves 96.32% accuracy, which is comparable to the teacher model, with a remarkable compression ratio that is 1242.58 times smaller, outperforming other lightweight models. Enabled by the proposed model, we developed a wearable ECG monitoring system based on the STM32F429 Discovery kit and ADS1292R chip, achieving real-time arrhythmia detection on small wearable devices.